New Century Is Finally Gone For Good!

I just received this email from a former AE from New Century.

Some of you may or may not have heard the news yet. Unfortunately as much as this is a shock to myself and everyone at our company its a sad reality of the state of the sub prime industry today. The abridged article is below.

Subprime mortgage lender New Century Financial Corp., failed to receive any bidsfor its mortgage loan origination business, forcing it to shut down the unit and lay off around 2,000 employees.

The company, which has been preparing to sell off its assets underChapter 11 bankruptcy protection since last month, notified employees during aconference call that they would be laid off effective Friday.

New Century President and Chief Executive Brad A. Morricesaid despite a number of potential buyers for its wholesale and consumer-directoperations, "none of those potential deals have come to pass."

I have been planning on a worse case scenario for some time. As many of you know, I was one of the top Account Executives for New Century so I have had many recruiters and managers interested in bringing me over to work for their perspective company. Although at this time I am finalizing negotiations with a few select companies I have chosen, I have yet to reach a decision as to what company will best suit myself and all of you, my valued clients and friends. I expect that given the recent turn of events my decision will soon be hastened and I will finalize something in the short term.

Some of you may or may not have relationships with these existing lenders. If you do have an existing relationship with the particular lender I go to, it will be up to you to decide who you think will best be able to service your needs. I will be having those conversations with you one on one once my decision and negotiations have been reached with the perspective company.

Effective at the end of today, this email will be shut down and I will only be reachable via cell phone or the alternate email below.

The subprime fallout continues.....................