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
-
Court sides with the FDA in its dispute over sweet-flavored vaping products
Bankruptcy 04/05/2025The Supreme Court on Wednesday ruled for the Food and Drug Administration in its crackdown on sweet-flavored vaping products following a surge in teen electronic cigarette use.But the justices’ unanimous decision throwing out a federal appeals ...
-
Troubled electric vehicle maker Nikola files for bankruptcy protection
Bankruptcy 02/17/2025Troubled electric vehicle maker Nikola has filed for Chapter 11 bankruptcy protection months after saying that it would likely run out of cash early this year.Nikola was a hot start-up and rising star on Wall Street before becoming enmeshed in scanda...
-
VA asks US Supreme Court to reinstate removals of 1,600 voter registrations
Bankruptcy 10/26/2024Virginia on Monday asked the U.S. Supreme Court to intervene to allow the state to remove roughly 1,600 voters from its rolls that it believes are noncitizens.The request comes after a federal appeals court on Sunday unanimously upheld a federal judg...

Is Now the Time to Really Call a Special Education Lawyer?
IDEA, FAPE, CHILD FIND and IEPs: The Individuals with Disabilities Education Act (IDEA) guarantees all children with disabilities to a free appropriate public education (FAPE). FAPE starts with a school’s responsibility to identify that a child has a disability (Child Find) and create an Individualized Education Program (IEP) to suit the needs of the child.
Forte Law Group is one of only a very few law firms within the state of Connecticut that is dedicated to exclusively representing families and children with special needs.
Parents need to be persistent, dedicated and above all else aware of the many services and accommodations that their child is entitled to under the law. As early as this point within your child’s special education, many parents will often find themselves in the situation asking, “is now the time to really call a special education lawyer?” Here are a few things to consider when asking yourself that question.