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New Century’s backers pull out

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Embattled mortgage company New Century Financial Corp. announced this morning that its creditors have cut–or intend to cut–funding to the company. The subprime lender announced last week that it was no longer accepting new loan applications. Last week Morgan Stanley extended $265 million in fresh financing to New Century, which the bank now intends to discontinue. There is speculation that New Century will soon file for Chapter 11 protection. more [AP via NYT]
more [WSJ]

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