New Century exec won't testify at Senate hearing

[maddezmom]

Source: Reuters

By John Poirier
Reuters
Wednesday, March 21, 2007; 10:46 AM

WASHINGTON (Reuters) - Executives from New Century Mortgage Corp. have refused to testify at a Senate Banking Committee hearing on the widening crisis in the subprime mortgage market, the panel said on Wednesday.

However, executives from four other major subprime lenders will appear at the Thursday hearing, the committee chairman, Christopher Dodd, said in a statement.

HSBC Finance Corp., Countrywide Financial Corp., WMC Mortgage and First Franklin Mortgage will appear, the Connecticut Democrat said.

~snip~

New Century faces a federal criminal probe into trading of its securities and accounting errors, and the Ohio attorney general has accused the company of violating state laws in its loans to consumers.

New Century, based in Irvine, California, has stopped taking new loan applications and was delisted by the New York Stock Exchange last week.




Read more: http://www.washingtonpost.com/wp-dyn/content/article/2007/03/21/AR2007032100688.html

[Donnachaidh]

1. put him in JAIL

Let him see what his future holds.

[valerief]

2. is that Progress for A New Century mortgage corp? nt

[donkeyotay]

3. Har! Must be because otherwise they might be accountable. nt

"Project" for a New Century.

[valerief]

4. Project. Thanks.