SAN FRANCISCO (MarketWatch) -- New Century Financial Corp. said late Friday that it's facing a federal criminal probe and will likely breach a major lending covenant with its financial backers, bringing into question the survival of the second-largest U.S. subprime-mortgage lender. http://www.marketwatch.com/news/sto...-528C-4CD1-BAE0-73BD1FC7D8F5}&dist=TNMostRead
This is the kind of bad news the market needs now. After all, in a couple months people need to be able to recall a "reason" to remember why the markets sold off. "Oh ya!! It was Subprime!!! Yea it was so logical and foreseeable!!!" New Century Financial Corp. (NEW) Last Trade: 14.65 Change: -7.57% After Hours: 10.92 Change: -25.46% as of 7:59pm ET on 03/02/07