SEC files suit against former execs at New Century Financial

The Securities and Exchange Commission has announced it has filed suit against three former executives of collapsed subprime lender New Century Financial for misleading lenders by concealing the company’s worsening performance, according to CNBC’s Diana Olick. The company was once the third largest subprime lender in the nation, she reported. Also, Bank of America says that it has modified 160,000 loans through federally mandated programs and reported it has provided some form of loan relief to nearly 600,000 borrowers on its own. Meanwhile, many commercial and multi-family property mortgages continued their upward climb in the third quarter, according to the Mortgage Bankers Association’s Commercial/Multi-family Delinquency Report, released today.