New Century Financial, the largest U.S. subprime lender in bankruptcy, said on Thursday it probably inflated
2005 earnings because of accounting errors, a disclosure that might add fuel to federal criminal and regulatory
examinations into the company.
The errors concerned losses on repurchased loans, and how New Century valued other mortgage-related assets,
the company said in a U.S. Securities and Exchange Commission filing. This is sub prime mess !
Here is ANOTHER one for you...I am SO GLAD I didn't buy this a $2.00 a share a few weeks back. Take a look at the 1 yr chart when you have time.....
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| Symbol | Last | Chg | |
| NTBK | Trade | 0.33 | 0.00 |
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Analyst Paul Miller tells salesforce co. sold its bank assets, liabilities at discount to current carrying value... Notes mgmt ests pro forma tangible book value of about $25M-$45M, or $0.47-$0.85/shr, reflecting addl charges from exit of wholesale mtge platform, closure of online banking ops... Believes with further exposure to repurchase requests, potential charges, capital levels could decline to zero in next few qtrs... Given cont. tough mtge market environment, believes it will be difficult to sell platform at premium... Cuts target to $0.00
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