Securities
Aug. 7, 2009
New Century Probe Drags On in Silence
Two years after regulators launched an investigation of New Century Financial Corp., the case has bogged down, while charges have already been filed against executives with the more high-profile Countrywide Financial.
Daily Journal Staff Writer In early 2007, the audit committee at New Century Financial Corp. convened in Irvine for what some would later describe as an "ugly" meeting. Management at the subprime mortgage lending giant had quietly changed its accounting methodology in a way that understated a growing number of loan defaults. The error would wipe away profits, and threatened New Century's ability to obtain financing for its...
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