Marginal Revolutions
Mortgage: New Century
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New Century Financial Corporation was founded in the year 1995. It was founded by three former managers at Option One Mortgage. The company is headquartered out of Irvine, California. It first started as a real estate investment trust. According to reports New Century had 7,200 full time employees in January of 2007. It is also said to have a net income of $417 million dollars. This company was listed on the New York Stock Exchange and is now trading with pink sheets over the counter. When the New York Stock Exchange delisted the company the market capitalization value of stock was said to be less than $55 million dollars.
In 2007 the New Century company was the second largest subprime mortgage company in the United States. The company was headed by Brad Morrice. The company also entered in a sponsorship deal with NASCAR. They sponsored the Chip Ganassi Racing Team and the Felix Sabates team. In both the Busch and Cup series. Their advertisements appeared on Jamie McMurray and Reed Sorensons car.
In early 2007 the company reported a failure to meet its minimum financial targets. It also revealed that it was the subject of a
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