This is a great synopsis of all that’s been wrong in the mortgage business
A hard fall for Irvine mortgage
lender
When the sub-prime lending business came
crashing down, few fell harder than New
Century.
By E. Scott Reckard and Kim Christensen
Times Staff Writers
March 18, 2007
As mortgage lender New Century Financial Corp. collapsed last week, some of the Irvine company’s top salespeople relaxed at scenic Dromoland Castle in Ireland, which boasts that it pampers guests like they were “landed gentry.”
The trip to Dromoland and other Irish haunts was booked in better days for winners of the firm’s President’s Club awards. New Century’s money troubles led it to rescind sponsorship, but some workers apparently decided that if their employer was dying, an Irish wake was in order.
