New Century, Ohio Settle Loan Origination Suit

Law360, New York (November 26, 2008, 12:00 AM EST) -- The state of Ohio and New Century Financial Corp. have struck a settlement deal in a suit over alleged loan origination misconduct that was filed shortly before the subprime lender filed for Chapter 11 protection in April 2007.

Judge Eileen T. Gallagher of the Cuyahoga County Court of Common Pleas signed off on an “agreed final entry and order” between the parties on Nov. 21.

The order bars New Century from soliciting consumers for broker services or mortgage loans, accepting mortgage loan applications in Ohio, pursuing...
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