UBS Sues New Century Over Missing Payments

Law360, New York (April 5, 2007, 12:00 AM EDT) -- UBS Real Estate Securities Inc. filed a complaint against bankrupt subprime lender New Century Financial Corp. Thursday, claiming that it is missing $3.8 million in mortgage loan payments from the embattled lender.

UBS started adversary proceedings against New Century in the U.S. Bankruptcy Court for the District of Delaware, where the lender filed for Chapter 11 on April 2. UBS was one of New Century’s many financial backers that declared the lender in default following news of its financial distress in February and early March....
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