Subprime Lender, New Century, Files for Chapter 11 Bankruptcy Protection

EconomicPolicyMonitor.com ^

[Breakfast of Champions]

New Century, the largest independent U.S subprime mortgage lender, has officially filed for Chapter 11 bankruptcy protection...

[TSchmereL]

This is the beginning of the end of the economy. It will collapse like dominoes within a few days. Take your money out of the bank and stockpile canned goods and ammo.

[TommyDale]

http://www.ml-implode.com/

[Petronski]

This is the beginning of the end of the economy. It will collapse like dominoes within a few days. Take your money out of the bank and stockpile canned goods and ammo.

Lighten up, Francis.

[Toddsterpatriot]

This is terrible. How will ex-Texan buy foreclosures now?

[RockinRight]

[RockinRight]

Those of us in the industry knew this was happening three weeks ago. They'll sell off their portfolio at $.70 on the dollar, get bought out, and things will correct themselves as the free market does.

[Pukin Dog]

Nap time.

[baubau]

Time to park our money for eventual purchases of foreclosures. Oh yeah!

[RockinRight]

With that attitude, might as well point that gun to your head.

Give me the rest of your money and ammo when you do, OK?

[RockinRight]

OK, so we're in agreement here.

[tcrlaf]

Remind me again of why they call them JUNK BONDS????

[RightWhale]

It will collapse like dominoes within a few days.

Like a giant pyramid scheme. Yeah, that's the ticket.

[IllumiNaughtyByNature]

I watch that site too.

[Pukin Dog]

I buy foreclosures, been doing it for two years now, and there is no shortage of over-extended yuppies needed to be bailed out to save their credit in exchange for handing their property to me.

[Pukin Dog]

I should have said PRE-foreclosures.

[TommyDale]

I hear people are actually walking away from homes, with their low interest-only balloons falling due. Many got into the homes with no money down, and lenders were counting on the increased equity to offset the lack of down payments. When the bubble pops, look out!

[RockinRight]

Good thing to do if you know how to do it.

I am a mortgage loan officer. And I have a disdain for the ones that give us a bad name. I've done subprime loans, sure, but only those that still have an overall profile that seems reasonable.

What state are you in?

[jveritas]

Are you being sarcastic?

[jveritas]

Unless you are being sarcastic, you need to consult with a mental institution right now. Leave your computer and call your nearest psychiatrist for immediate help. Please stay away from knives, guns, or any sharp objects that can hurt you or others.