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Author Topic: New Century reopened on pink NEWC.PK
birches
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Now at $1.25 - according to Morningstar: Additionally, signficant changes have occurred since its last quarterly, and if SEC Probe finds significant fraud, the company would likely be worth nothing."

Please give me your thoughts - will New Century liquidate and save its investors or be guilty of fraud and be worthless - buy/sell/hold

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birches
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significant changes have occurred since its (NEWC.PK)last quarterly "filing"

sorry about the missing word

buy/sell/hold

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Baxt06
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Only way this is worth anything is if another company acquires them from what I've heard.
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birches
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I agree, someone has to buy it, but someone might, if they don't get caught in "significant fraud" and go worthless, Morginstar conservatively estimates that the break-up value would be $7.

It really is a gamble - if the SEC probe finds significant fraud was involved. "Problems have been mounting since the company revealed last month that it didn't properly account for bad loans last year and will have to restate earnings, converting reported profits into losses. Most of its creditors have since cut off funding, leaving New Century unable to make new loans."

http://www.ocregister.com/ocregister/money/article_1618635.php?ref=patrick.net

buy/sell/hold - it is quite a gamble

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a surfer
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up 64%!!
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a surfer
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whats the deal here....2700 trades already!!!?

77%!!

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a surfer
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HELLLOOOOO!!!! 1.40 108%
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SherriT
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WOW

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Study before you buy, Sell before you think about it....

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birches
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be careful - we are not out of the woods - and stock is fading
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birches
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Md. regulators issue cease-and-desist order against subprime mortgage lender
Baltimore Business Journal - 11:46 AM EDT Thursday, March 15, 2007by Rachel SamsStaff
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Maryland Financial Regulation Commissioner Charles Turnbaugh has issued a cease-and-desist order against New Century Mortgage Corp., the subprime mortgage lender whose troubles have added to the nationwide tightening of credit for mortgage borrowers with spotty credit histories.

California-based New Century has already said that it would stop accepting loan applications and that it has no funding for loans it has already approved. The Maryland cease-and-desist order requires New Century and its affiliates to fund all approved applications. New Century says it is looking for other funding sources, but Turnbaugh's office said it "recognizes that it is highly unlikely that New Century will be able to comply with the portion of the order requiring funding of approved loans."

not just MD, Jersey, MA, NH:

"Earlier this week, regulators in Massachusetts, New York, New Jersey and New Hampshire issued cease-and-desist orders against the subprime lender, barring it from taking new loans in their states. The subprime lender on Wednesday said it intends to comply with the orders pending any appeal."
http://asia.news.yahoo.com/070315/3/2yzgx.html

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birches
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Just heard on CNBC, lawyers have begun circling around sub-primes with class action law suits with allegations of misleading investors

probably reason for additional weakening this afternoon at $1.18 now

just because there are lawyers circling does not mean there is a basis - lawyers suck

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birches
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sorry - misleading borrowers - anyway NEWC did not sell-off under $1 on the news or break near term support of $1.14 - good news for NEWC longs IMO
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birches
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NEWC really running today probably because of GS/BSC/LEH announcement last night and LEND's 2.7B buyout

Nonetheless, during earnings calls this week, Goldman Sachs (GS), Lehman (LEH) and Bear Stearns (BSC) said it's possible they could purchase mortgage portfolios, teams of lenders or whole companies from subprime lenders.

http://www.thestreet.com/_htmlatb/newsanalysis/wallstreet/10344783.html

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a surfer
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about to break 2.00

unreal!

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birches
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NEWC broke 2
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a surfer
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I might add...LOL

RSI about to hit 90... I'll wait.

2.30

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birches
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NEWC 2.50
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a surfer
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2.55............

RSI about to break the thermometer....

insane!!

Anyone in this besides birches and I????

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Bluemound_Freak
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wish I was
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a surfer
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3.01 LOL this is too much..

3.07 now

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SherriT
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HOLY COW! Congrats Surf - nice bagger for you!

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Study before you buy, Sell before you think about it....

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a surfer
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95k orders going through on the ask....

almost 300 grand per.

probably shorting it....LOL

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birches
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pretty wild ride - I hope it's because NEWC is coming close to announcing a White Knight
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birches
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looking for a good buying op - hoping to get one today
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Bluemound_Freak
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With housing not as bad as originally thought this might be a really strong mover over the next couple of days
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birches
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LEND and NEWC under their opens - NEWC looks like it wants to go back into the 1's.

Support is between yesterday's low of 1.68 and 1.80 which is short term minor support for NEWC.

we'll see - it may not break under $2 - but I would guess that it does

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birches
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Interesting article

http://www.ft.com/cms/s/d9b233e4-d6e8-11db-98da-000b5df10621.html

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birches
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New Century Shut in California, Cut Off by Fannie Mae (Update1)

By Bradley Keoun

March 20 (Bloomberg) -- New Century Financial Corp. was ordered to halt lending operations in its home state of California, and mortgage-finance company Fannie Mae stopped buying the company's loans.

California is seeking to force New Century to stop taking mortgage applications and turn over pending loans to other lenders, the Irvine, California-based company said in a regulatory filing. New Century said it received similar orders from Florida and Washington.

Fannie Mae, the biggest source of money for U.S. mortgages, served notice it will no longer buy New Century's loans, according to the filing. New Century must deal with the cutoffs after at least 10 other states said they want the company to halt operations, and the company said today it expects to receive additional orders from more states.

The California order ``spells doom for the company,'' said Matt Howlett, an analyst at Fox-Pitt Kelton in New York. ``That is the crux of their operations. What little hope was left is gone now, in terms ever coming back and operating as New Century.''

Fannie Mae also is barring New Century from handling billing and collections on Fannie Mae mortgages. Washington-based Fannie Mae alleged the company breached terms of a loan sales-and- servicing contract, New Century said.

``From an operational standpoint, it's not huge,'' because New Century sold few of its loans to Fannie Mae, Howlett said. ``It's a blow from a symbolic sense. If they can't deal with Fannie Mae, the writing's on the wall.''

New Century's shares fell 29 cents, or 13 percent, to $1.88 at 2:13 p.m. New York time in over-the-counter trading. They've lost 94 percent this year.

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a surfer
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going crazy today!!! up 60%
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Morgan Stanley auctions New Century mtgs: report
Monday March 26, 8:24 am ET


NEW YORK (Reuters) - Morgan Stanley (NYSE:MS - News) is auctioning $2.48 billion of mortgages from troubled subprime lender New Century Financial Inc. (Other OTC:NEWC.PK - News), the New York Post said on Monday.
ADVERTISEMENT


The loans represent collateral that New Century gave the investment bank for a $2.5 billion credit line, the newspaper said.

Morgan Stanley did not immediately return a call seeking comment.

Subprime lenders make loans to people with poor credit histories. Many are struggling with rising delinquencies and defaults. At least four large subprime lenders have sought bankruptcy protection since late December.

Two weeks ago, Irvine, California-based New Century stopped making loans, and said it had less than $60 million of cash on hand. Many analysts have said the company appears on the brink of bankruptcy.

At least two other large subprime lenders, Accredited Home Lenders Holding Co. (NasdaqGS:LEND - News) and Fremont General Corp. (NYSE:FMT - News) this month announced agreements to sell many of their subprime loans at a discount.

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dollar13
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1.28 HOD


HERE WE GO

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dollar13
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1.30


RUNNNNNNNN

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