New Century Stock Resumes Slide; GE Mortgage Unit Curbs Loans |
| Bloomberg - Mar 9, 2007 |
New Century Financial Corp.'s stock, already down about 90 percent this year, fell to its lowest level since 1998 as Merrill Lynch & Co. analyst Kenneth Bruce predicted the mortgage company will go bankrupt.
Talks with lenders to save Irvine, California-based New Century aren't likely to succeed, Bruce wrote in a report today. New Century, the second-biggest U.S. ``subprime'' mortgage company, said yesterday it won't make any more loans as it tries to replace credit lines revoked by its backers. The shares plunged for a second day, falling 77 cents, or 20 percent, to $3.10 in 12:24 p.m. New York Stock Exchange composite trading.
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- Posted: 2007-03-09 13:25:06
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