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New Century Judge Lifts Stay For Mortgage Cos.

Law360 (August 6, 2007, 12:00 AM EDT) -- New Century Financial Corp. suffered a setback Monday when the bankruptcy court lifted the protective stay against the bankrupt subprime lender for two other mortgage companies, allowing them foreclose on mortgages held by New Century that are junior to their own loans.

Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware lifted the stay relating to seven mortgages, one held by Greenpoint Mortgage Funding and the rest by Countrywide Home Loans. After reviewing the titles on the seven properties in question,...
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