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Judge Approves $23M New Century Loan Sale

Law360 (September 17, 2007, 12:00 AM EDT) -- The judge overseeing New Century Financial Corp.'s bankruptcy has approved an asset purchase agreement that will allow the subprime lender to sell more than 200 loans to California mortgage company Residential Mortgage Solution LLC.

Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware approved the purchase agreement Friday. Under the agreement, RMS will pay New Century $23.33 million for 214 loans with unpaid balances totaling almost $45 million.

RMS will also take over servicing of the purchased loans. New Century’s current...
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