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New Century Sued Again Over Unpaid Mortgage Loans

Law360 (April 26, 2007, 12:00 AM EDT) -- A Deutsche Bank subsidiary that bought mortgage loans from New Century Financial Corp. has become the third company to file a lawsuit against the bankrupt lender, alleging it violated a purchase contract.

DB Structured Products Inc. struck two repurchase agreements with New Century, one in September 2005 and one in April 2006, the company said in its complaint, filed on Wednesday. The accords stated that DBSP would purchase mortgage loans from New Century, and that the lender would buy them back for a higher price....
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