New Century Gets More Cease-And-Desist Orders

Law360, New York (March 19, 2007, 12:00 AM EDT) -- New Century Financial Corp. said Monday it had received cease-and-desist orders from four more states, a development that does not bode well for the beleaguered subprime lender in its attempt to avoid bankruptcy.

The Irvine, Calif.-based company, which already received cease-and-desist orders from Massachusetts, New Hampshire, New Jersey, and New York on March 13, revealed the additional orders in a filing with the U.S. Securities and Exchange Commission on Monday.

New Century said that Connecticut, Maryland, Rhode Island, and Tennessee issued the orders, meant to block...
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