I just got a long-awaited email from New Century announcing they are no longer doing high CLTV subprime loans. I had been expecting something along those lines (if not along the lines of an imminent collapse), and not just because of the meltdown at at leat 30 other subprime lenders. As you can see from this post from over two years ago, their conference calls with analysts had long since raised questions about their accounting being by-the-book. In addition to creating an in-house REIT to basically sell its loans to itself and book high profits from those sales, New Century would borrow $1 billion for one day every quarter just so it could show the cash on its books. Add to that the alleged insider dumping of the stock, to the tune of $24 million in sales, and you see the reason why the New Century situation is different: it's a criminal case, fraud.