Sub-prime Lender Woes Unfold.
New Century Financial has filed chapter 11 and announced its laying off 3200 workers, or about 50% of its workforce.
Its based in Irvine, and I would expect a lot of laid off staff to be in Irvine too. I wonder how that will affect the housing market there? Since Irvine is home to a large majority of sub-prime lenders, how will the sector meltdown affect property prices? I have a cousin there, who I met over the weekend and we saw the movie “300″ on IMAX (yes, it was awesome!) so I’ll be keeping an eye on the that market.
Also a quick look at New Century’s website shows that the Irvine branch is still hiring programmers, accountants, underwriters and loan officers, so I think it hasn’t been updated and probably won’t be be since their website guys probably got canned too!
If you found this post helpful, consider donating to my coffee fund!![[del.icio.us]](http://images.del.icio.us/static/img/delicious.small.gif){kind=small}
- What A Day! Today was a great day in the markets. Well actually the Dow, Transports, Industrials and Russell sank on inflation worries. Gold spiked up $23 and Oil closed above $60. Novastar Financials(ticker: NFI), another mortgage lender, tanked 42%. And the Bank of Japan raised interest rates a quarter of a percent.......
- Venezuela Devalues Its Currency Here's an interesting article by Dominic Frisby about Venezuela's devaluation, the effect on a country's currency and the relation with gold prices. Gold bugs are forever telling you to buy gold because it is 'nobody else's liability'. It's become one of those hackneyed phrases that has almost lost its meaning.......
- Closing Out JRCC In an earlier post on investing on news, I had sold puts on JRCC.Well JRCC was up sharply in the past few trading sessions. I closed out my position by buying back my naked puts and netted a 38% profit (sold the puts for 1.95 and bought them back for......
Related Websites
- Everything Concerning Hotel SEO And Why Your Business Desires It Hotel SEO fascinates and intrigues the hotel sector. SEO should be a core element of any hotel advertising plan. The Web has had a significant effect on hotel advertising. Each day there are millions of potential customers making geographically targeted searches for hotel accommodation, hospitality, wedding venues and conference facilities......
- Moving My Wordpress to the Cloud... (plus Personal Finance Links) I'm Gonna Make A Change, For Once In My Life It's Gonna Feel Real Good, Gonna Make A Difference Gonna Make It Right... - Michael Jackson, Man in the Mirror For those of you who visited my website this weekend, you might have come up with some "difficulties" (i.e.......
- Is it ever possible to have too many eye creams? Is it ever possible to have too many _____________? You fill in the blank. I know we talk at POL about how many perfumes are enough already. The sky's the limit with some things. Yesterday I asked myself, is it ever possible to have too many eye creams? Well, actually,......
[All content is copyright of Living Off Dividends & Passive Income]
Leave a Reply