Major subprime mortgage lender files for bankruptcy - 2007-04-04
New Century Financial Corp., once the nation's second biggest provider of home loans to high-risk borrowers, filed for bankruptcy protection on Monday, the victim of its own financial mismanagement as well as pressures felt by its rival lenders. New Century immediately let go 3,200 workers - more than half its work force - and said it intends to sell off its major assets.
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Credit cards help reduce mortgage principal - 2007-04-04
As more Americans struggle to make payments on their homes, Wells Fargo & Co. is joining other lenders in introducing a credit card to assist people pay down their mortgages quicker. The No. 2 U.S. mortgage lender's Home Rebate card joins cards offered by Citigroup Inc., Bank of America Corp., GMAC and Countrywide Financial Corp., among other lenders, to help homeowners work down their mortgage principal.
Read the full story at Reuters