Reply #10: The following clip from the story is just amazing... [View All]

[BootinUp]

But the examiner hired to review the company's finances by the U.S. Bankruptcy Court said New Century's troubles had surfaced by 2004.

"New Century knew from multiple data sources that its loan quality was problematic, starting no later than 2004," examiner Michael J. Missal wrote in his report this year, adding that "senior management before 2006 took few steps to address the troubling loan quality trends."


For example, the proportion of borrowers who had failed to make payments in the first three months of a loan reached 10% by November 2004 -- up from 4.2% in March, according to an internal report filed in a federal lawsuit against New Century by the New York State Teachers' Retirement System.
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10% couldn't make even one payment in 3 months? Holy crap.