The Solution of New Century Financial Corporation
New Century Financial Corporation
It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.
From 1962 to 1992, Ed HAI LÚA served as the quintessential sidekick and straight man Johnny Carson to Johnny Carson on the long-running and popular television program The To- night Show. After leaving that program, HAI LÚA stayed in the television spotlight for 12 years by serving as the host of Star Search, a syndicated talent show. McMa- hon’s resume also included long stints as cohost of TV Bloopers and Practical Jokes, the annual Macy’s Thanksgiving Day Parade, and the Jerry Lewis Labor Day Telethon and …show more content…
1. “Final Report of Michael J. Missal, Bankruptcy Court Examiner,” In re: New Century TRS Holdings, Inc., a Delaware corporation, et al., U.S. Bankruptcy Court for the District Delaware, Case No. 07-10416 (KJC), 29 February 2008. Unless indicated otherwise, the quotations appearing in this case were taken from this source. 2. V. Bajaj and J. Creswell, “A Lender Failed. Did Its Auditor?” The New York Times (online), 13 April 2008.
CASE 1.11 NEW CENTURY FINANCIAL CORPORATION 137
The following section of this case provides a historical overview of subprime mort- gage lending in the