Items Tagged with 'New Century'


  • SEC puts an end to Carrington Capital investigation

    After 18 months, they got nothing
    After an 18-month investigation, the Securities and Exchange Commission will not issue any penalties or pursue any enforcement action against Carrington Capital Management over its acquisition of New Century Financial.
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  • DOJ probing Morgan Stanley’s relationship with New Century

    NY Times: Morgan Stanley pushed New Century into riskier loans
    The Department of Justice has reportedly begun examining the pre-crisis relationship between Morgan Stanley and New Century Financial, and Morgan Stanley’s role in “actively” influencing New Century’s risky lending practices.
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  • Tranche Warfare: MBS Investor Sues American Home Over REO Sales

    A Greenwich-based hedge fund manager is in a desperate fight to keep his subprime MBS investment strategy alive. HousingWire peeled back the layers to uncover what’s really going on behind the scenes in what has become a vicious battle between the hedge fund and legendary investor Wilbur Ross’ mortgage servicing company, Irving, Tex.-based American Home Mortgage Servicing, Inc.
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  • Aurora Sees Servicer Ratings Dropped in Wake of Lehman's BK

    Following up on an earlier HW report addressing the future of Aurora Loan Services, the substantial servicing arm and once-large Alt-A origination platform tied to Lehman Brothers Holdings Inc. [stock LEH][/stock], Fitch Ratings said earlier this week that it had cut its core servicer ratings on the Littleton, Colo.-based servicer.
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  • Fremont Sells Servicing Rights Back to Carrington Affiliate

    Fremont General Corporation said late Thursday that it will sell servicing rights on $1.9 billion in mortgage loans -- 13 percent of its existing servicing portfolio -- back to an affiliate of private equity firm Carrington Capital Management, as the troubled thrift looks to generate additional liquidity to fund its own operations.
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  • The Hits Keep Coming: Fitch Downgrades $9.4 Billion in Subprime RMBS

    Question: how much is left to downgrade in the subprime RMBS space? Answer: more than you might think. In what's becoming a week-end ritual during the credit crunch, Fitch Ratings on Friday issued a spate of new subprime RMBS downgrades. The downgraded securities are sure to force some readjustments to someone's balance sheet, given all of the previously-rated AAA securities that are now taking a fall. The ignonimous list of new downgrades:
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  • New Century Seeks Chapter 11 Plan Extension

    In a court filing Friday, former subprime giant New Century Financial Corp. said it is seeking an extension of a liquidation plan under its Chapter 11 bankruptcy. The Wall Street Journal reported Wednesday that the failed lender is working in concert with a committee of debtors and wants to extend the plan filing deadline until January 28. From the story:
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  • Friday Night, Lights Out -- Fitch Downgrades $5.3 Billion in RMBS

    Keeping up with the downgrades on various subprime RMBS deals here at HW is turning into a full time job. (And one that requires plenty of coffee.) Here's a list of the downgrades issued tonight by Fitch alone -- remember, these are the downgrades issued just in one night at one rating agency. Total downgraded dollar value: $5.3 billion. $9.53 million downgraded from a 2002 Centex RMBS deal -- 17.90 percent of loans 60+ days delinquent.
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  • Carrington's Subprime Servicer Rating Affirmed by Fitch

    Fitch Ratings said Tuesday that it has affirmed the primary subprime servicer rating of Carrington Mortgage Services, LLC at the 'RPS4' level -- Fitch generally rates servicers on a 1 to 5 scale, with 5 being the worst. CMS is a subsidiary of hedge fund Carrington Capital Management, LLC -- which, you might recall, purchased the servicing portfolio from now-defunct New Century Mortgage Corporation post-bankruptcy (and most of the company's line staff are carryovers from New Century).
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