Subprime lender New Century may be going down for the count

“New Century Financial Corp. said today all of its lenders have cut funding or announced their intent to halt financing after the subprime mortgage lender failed to make payments, pushing the company further toward bankruptcy. ‘The company and its subsidiaries do not have sufficient liquidity to satisfy their outstanding repurchase obligations under the company’s existing financing arrangements,’ New Century said in a filing with the Securities and Exchange Commission.”