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Aaron
A-Bomb


Joined: 24 Jan 2007
Posts: 824
Location: Atlanta, GA

New Century making another go at it
PostPosted: Sat Mar 10, 2007 3:41 pm Reply with quoteBack to top

this was just forwarded to me:

"As of this afternoon it is safe for me to announce that New Century has finalized a deal to merge with a major Wall Street Investment banker. Because the announcement has not been made public yet I am not at liberty to say the name of the company.

This merger will allow New Century to grow even stronger with an alliance with a major Wall Street player.

Because the deal is in its final stages, New Century can no longer take any new applications or submissions during the "dark period". During the "dark period" we will also not be able to underwrite, clear conditions, or close and fund new loans. The "dark period" is from today thru March 16th. Fundings will however continue on a staggered basis on loans that have already signed docs and are awaiting funding so please be assured that loans that have already closed will take the highest funding priority and will fund on a staggered basis during the "dark period".

New Century has seen an extreme amount of negative press in the last couple of weeks, most of it untrue. The fact is that New Century had numerous offers on the table and we were able to pick the one that we feel allows us to continue business as usual the New Century way.

I will be in Ireland next week from Monday to Monday for our President's Club award winners trip so you will need to contact Will Spires at 281-827-1133 wspires@ncen.com for any questions. As far as questions pertaining to files already in underwriting, you will need to continue to contact one of our account manager, either Brandy Lovrek 713-576-3539 blovrek@ncen.com or Jenny Bulla 713-576-3538 jbulla@ncen.com.

We appreciate you patience during this transition and will be even stronger than before when we come out of the "dark period".

The official press release and announcements will probably go out tomorrow.

The biggest sub-prime lender just got bigger and more powerful so we look forward to a record year going forward.

Thank you all very much for you patience in these trying times!!!

Jason Fulgham

Area Sales Manager
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bakersfieldbubble
Dyn-o-mite!


Joined: 25 Jan 2007
Posts: 488

LOL
PostPosted: Sat Mar 10, 2007 3:55 pm Reply with quoteBack to top

So what makes this guy think that the "market" will still want their junk loans? The subprime market is dead for 12-18 months.

I guess he is a salesman and his paycheck depends on some blind optomism.

Rolling Eyes
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Aaron
A-Bomb


Joined: 24 Jan 2007
Posts: 824
Location: Atlanta, GA

Re: New Century making another go at it
PostPosted: Sat Mar 10, 2007 4:12 pm Reply with quoteBack to top

What makes him think their suitor won't regurgitate them... like C-Bass/Fieldstone or Cerberus/GMAC....
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Aaron
A-Bomb


Joined: 24 Jan 2007
Posts: 824
Location: Atlanta, GA

Re: New Century making another go at it
PostPosted: Sat Mar 10, 2007 4:15 pm Reply with quoteBack to top

By the way I see delinquencies and foreclosures as getting worse due to the economy going into recession (and de-bubbliziation). I don't see any recovery for marginal lending in the next 2-3 years.
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bakersfieldbubble
Dyn-o-mite!


Joined: 25 Jan 2007
Posts: 488

Rates
PostPosted: Sat Mar 10, 2007 4:29 pm Reply with quoteBack to top

The rates the market is now demanding for junk mortgages are now 200-500 bps higher than a year ago.

Along with the elimintation of 100% loans and stated income/no documentation for sub 650 ficos - Good luck getting someone approved without committing fraud!
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Mort Gidge
Flash in the pan


Joined: 09 Feb 2007
Posts: 82

Re: New Century making another go at it
PostPosted: Sat Mar 10, 2007 6:39 pm Reply with quoteBack to top

My B.S. detector just went off.

Seems odd that this comes from an Area Sales Manager...if it was legit, it would be a press release.
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Aaron
A-Bomb


Joined: 24 Jan 2007
Posts: 824
Location: Atlanta, GA

Re: New Century making another go at it
PostPosted: Sat Mar 10, 2007 8:05 pm Reply with quoteBack to top

Maybe.

I've seen numerous releases recently that went out internally to employees or brokers before hitting the press.

This release echoes things I've been hearing from many sources.

However, it still doesn't necessarily mean things will play out as the insiders expect/hope.
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ChrisG
Dud?


Joined: 03 Mar 2007
Posts: 8

Re: New Century making another go at it
PostPosted: Mon Mar 12, 2007 1:34 am Reply with quoteBack to top

That's what I was generally thinking, Mort Gidge, except I would wonder why it came from the Area Sales Manager, and not a higher level employee in the company. I think the real truth will come out is that the Area Sales Manager is blowing smoke up somebody's butt here, just like the manager is looking forward to a "record year". The only "record year" for this company will be the number of lawsuits and indictments handed out by the law and enforcement guys.
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