Robert K. Cole

New Century Co-Founder, Chairman Retires HW+

New Century Financial Corporation, a real estate investment trust (REIT) and one of the nation’s largest subprime mortgage companies, announced today that Robert K. Cole will retire as Chairman of the Board and that Fredric J. Forster, Lead Independent Director, has been appointed to serve as Non-Executive Chairman of the Board effective January 1, 2007. Mr. Cole’s employment term as Executive Chairman of the Board will expire on December 31, 2006; however, he will continue to serve as a member of the company’s Board of Directors.