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bakersfieldbubble
Dyn-o-mite!


Joined: 25 Jan 2007
Posts: 488

NEW an inside look
PostPosted: Mon Mar 12, 2007 4:30 pm Reply with quoteBack to top

So back to the culture at New Century. I guess the best way to describe it that of an unadulterated arrogance festering inside a moral and ethical vacuum. From the lowly account manager to the highly compensated account executives to mid-level management and even the top brass. It was an environment of production before principles. Bring in the biggest numbers you can and damn fair lending practices for borrowers. Brokers overcharging their clients, fudging appraisals, receiving after-close kickbacks, sending in absolute bull***t loan packages, I can go on for pages? The fact is that New Century, as did all subprime lenders, turned a corner in 2004 and going into 2005. Due to their lack of managerial guidance the troops were left to their own devices. Management could have easily stepped in and said ?hey wait, these loans are poo poo and they?ll come back to bite us in the ass?. But they didn?t, and look where we are now.

http://www.quiggleme.com/
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bakersfieldbubble
Dyn-o-mite!


Joined: 25 Jan 2007
Posts: 488

Re: NEW an inside look
PostPosted: Mon Mar 12, 2007 4:32 pm Reply with quoteBack to top

Where was the government?

How could this c**p go on?

I know the DRE and the Ca AG visit these blogs - Were you guys asleep at the wheel??
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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Re: NEW an inside look
PostPosted: Mon Mar 12, 2007 4:46 pm Reply with quoteBack to top

makes you wonder when Dateline will be starting their expose' series on the lending industry.

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"Socialism only works in two places: Heaven where they don't need it and h*ll where they already have it." -- Ronald Reagan
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qwopzxnm
Flash in the pan


Joined: 09 Feb 2007
Posts: 95
Location: Irvine, CA

Re: NEW an inside look
PostPosted: Mon Mar 12, 2007 5:47 pm Reply with quoteBack to top

WSJ article today said that 2.5% of New Centurys loans defaulted on their first payment. That is a scary statistic right there and if that doesn't scream fraud I don't know what does.
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