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New Century Sale Remains Uncertain.
IRVINE, CA -- Efforts to salvage and sell the servicing shop and wholesale platform of bankrupt subprime giant New Century Financial Corp. remained up in the air as Mortgage Servicing News went to press.
NCFC, which filed for Chapter 11 bankruptcy protection this spring, is trying to sell its servicing platform, which at year-end boasted $40 billion in subprime receivables, ranking 14th nationwide, according to the Quarterly Data Report.
A hedge fund, Carrington Capital Management, has made a bid on the servicing platform, but the $139 million deal has not closed. Meanwhile, several hedge funds, including Ellington Management Group, have placed bids on some of the firm's whole loans. Ellington, a source said, also is eyeing the subprime servicing platform of Fremont Investment & Loan, Santa Monica, Calif., a $27 billion servicer.
All of the deals are subject to bankruptcy court approval and could be superseded by superior offers.
And the proposed sale of the NCFC's wholesale lending unit has apparently come to ...
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Source: HighBeam Research, New Century Sale Remains Uncertain.