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New Century liquidates

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Ellington Management Group, a hedge-fund operator, bid $58 million to win an auction of home-mortgage loans from former subprime giant New Century Financial Corp. New Century filed for bankruptcy a month ago, has laid off 2,000 employees, and is now trying to liquidate its assets in order to pay creditors. New Century is expected to raise more than $139 million when it auctions off its loan-originating business. more [WSJ]

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