New Century Sees Stays Lifted, Settlement Approved

Law360, New York (September 10, 2007, 12:00 AM EDT) -- Friday proved to be bittersweet for bankrupt mortgage lender New Century Financial Corp., which finally settled a dispute with Chase Home Finance LLC and F-Flats LLC over a Las Vegas property as it saw its protective stay against two other lenders lifted.

Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware handed down orders agreeing to the Chase and F-Flats settlement and lifting the stay relating to nine mortgages owned by Aurora Loan Services LLC and Countrywide Home Loans.

The settlement...
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