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New Century
New Century Financial Corporation was a real estate investment trust that originated mortgage loans in the United States through its operating subsidiaries, New Century Mortgage Corporation and Home123 Corporation. It was founded in 1995 by a trio of former managers at Option One Mortgage, including former CEO Brad Morrice and is headquartered in Irvine, California. In 2004 it converted to a real estate investment trust and was listed on the New York Stock Exchange NYSE. In that year it originated $42.2 billion in mortgages and its stock reached a high of nearly $64 per share by the end of the year. In Fiscal year 2005 its net income was $417 million. On January 1, 2007, New Century had approximately 7,200 full-time employees and a market capitalization of $1.75 billion. But on March 13, 2007, the NYSE delisted the corporation and by the next day its market capitalization was less than $55 million. New Century is now trading on the over the counter pink sheets, where its stock traded at $0.10 per share in 2007. ==Subprime mortgage lending activities== As of January 1, 2007, New Century was the second-biggest subprime mortgage lender in the United States, and was headed by Brad Morrice, President and CEO. Frederic J. Forster, a lead independent director, served as a non-executive Chairman of the Board. Subprime mortgage loans are riskier loans in that they are made to borrowers unable to qualify under traditional, more stringent criteria due to a limited or blemished credit history. Subprime borrowers are generally defined as individuals with limited income or having FICO credit scores between 500 and 620 on a scale that ranges from 300 to 850. Subprime mortgage loans have a much higher rate of default than prime mortgage loans and are priced based on the risk assumed by the lender. In marketing the company, New Century's Home123 Mortgage division engaged Bob Vila as an advertising spokesman for several years. It also entered into a sponsorship deal with NASCAR, as the Official Mortgage Company of NASCAR and sponsor the Chip Ganassi Racing with Felix Sabates team, in both the Cup and Busch series.
抄文引用元・出典: フリー百科事典『 ウィキペディア(Wikipedia)』 ■ウィキペディアで「New Century」の詳細全文を読む
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