New Century Financial Files For Bankruptcy
Bankruptcy
Subprime mortgage lender New Century Financial has filed for bankruptcy protection.
Once one of the largest providers of subprime mortgages in the United States and now a casualty of the slumping housing market and aggressive lending practices, the company said it is immediately firing 3,200 workers -- more than half its workforce. Company officials hope the business can be sold.
New Century officials also said they will sell the company's loan servicing business to Carrington Capital Management and its affiliate for approximately $139 million, subject to the approval of bankruptcy court.
New Century, based in Irvine, Calif., filed the bankruptcy action in Delaware.
More than two dozen subprime lenders have shut down in recent months, and others are scrambling to stay in business.
Related listings
-
Estranged husband of former Scottish leader pleads guilty to embezzlement
Bankruptcy 05/25/2026The estranged husband of former Scottish leader Nicola Sturgeon pleaded guilty Monday to embezzling more than 400,000 pounds ($540,000) from the Scottish National Party to fund a lavish lifestyle when he was its chief executive.Peter Murrell, 61, who...
-
Prosecutors seek 50-year sentence in massive Minnesota nonprofit fraud case
Bankruptcy 05/22/2026The former leader of a Minnesota nonprofit who was convicted for her role in a staggering $250 million fraud case that helped ignite a federal immigration crackdown should spend 50 years in prison, prosecutors argued in a court filing.Aimee Bock, who...
-
Trump Administration Seeks Appeal to Pause White House Ballroom Halt Order
Bankruptcy 04/07/2026The Trump administration is arguing that a judge's order to halt construction of a $400 million ballroom creates a security risk for President Donald Trump as it asks a federal appeals court to pause the ruling.In a motion filed Friday, National Park...
Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.