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Report States KPMG Allowed Fraud At New Century (RTTNews) - A report released Thursday suggested that auditor KPMG LLP either initiated accounting fraud at New Century Financial (NEWCQ.PK) or stood by as the mortgage lender committed fraud in 2005 and 2006. The independent report penned by court examiner Michael Missal had been requested by the U.S. Department of Justice. The massive report concluded that the mortgage lender "engaged in a number of significant improper and imprudent practices related to its loan originations, operations, and financial reporting." The study focused in on how New Century accounted for losses on troubled loans...

The end came as no surprise, but it was still a shock for laid-off workers at New Century Financial Corp. when the Irvine-based subprime lender filed for bankruptcy protection Monday. "This is like the Titanic sinking," said Erica Olsen of La Palma, a unit manager at Home123 Corp., New Century's retail lending arm. "We never thought New Century was going to sink and it is." She was among the 3,200 New Century workers – 500 in Orange County – who lost their jobs Monday. New Century still employs about 1,000 workers in Orange County. At Home123, work all but ground...

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

TRADING has halted in New Century Financial, with the second-largest US sub-prime lender teetering on the edge of bankruptcy, sparking fresh fears about whether turmoil in the sector could spread and dampen US economic growth. The trading stoppage, ordered by the New York Stock Exchange, came after New Century said its banks had either cut off credit or signalled their intention to do so, increasing the likelihood of an imminent bankruptcy filing or asset liquidation. in default. New Century also said lenders had demanded that it accelerate its obligation to buy back outstanding mortgage loans financed under the lending arrangements....

New Century's...inability to meet the notes that are immediately payable is tantamount to a general default, S&P said...

Welcome, we invite you to join us at the 2006 NCLR Annual Conference! The NCLR Annual Conference serves as a catalyst for new thought and progress for over 23,000 community organization leaders and activists, elected officials, members of the corporate and academic communities, senior citizens, and youth. The Conference will be held at the Los Angeles Convention Center, West Hall at 1201 S Figueroa St, Los Angeles, 90015. We can't wait to see you there!

Bush gave a transformational speech Tuesday at the National Defense University at Fort Lesley J. McNair, Washington, DC. I am sure we will see the Europeans and their like minded US compatriots in the Democratic Party and the Main Stream Media claim what he said there was just blather and nothing new if they comment on it at all. But this speech was quite a thing, really. Along with affirming that the USA has entered into a new century with a new foreign policy direction that Bush is not going to waver from, he also aimed a shot across the...

This is the text of an email I recieved at work today: From: (uninfomed well intentioned Mom -DNC propoganda tool) I would not forward something onto the entire business unit, unless I felt it VERY important, just as this is! Please read and be aware of this bill, when you go to the polls to vote in November. Please pass along to friends and family. Thanks From: (Propoganda Pusher) This is very long but print it off and read at your leisure. Please be aware that our children – BOYS & GIRLS alike, grandchildren and family members will ALL be...