LEGACY: Irvine-based New Century, founded in 1995, boomed to become the nation’s second-largest provider of subprime mortgages. Market cap reached as high as $2B in 2005 and it employed 7,200+. Became known as the poster child for out-of-control mortgages heavily reliant on “liar loans.” It spiraled in early 2007, eventually declaring bankruptcy that year and becoming one of the first casualties of the 2008 financial meltdown. Several executives and co-founders eventually settled with SEC.
New Century Financial
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