Major subprime mortgage

lender files for bankruptcy, fires

 3,200 workers

Story Published: Apr 3, 2007 at 8:14 AM PDT

By Associated Press

LOS ANGELES (AP) - New Century Financial Corp., once the nation’s second-largest provider of home loans to high-risk borrowers, filed for bankruptcy protection on Monday, the victim of its own financial missteps as well as pressures felt by its rival lenders.  

New Century immediately fired 3,200 workers - more than half its work force - and said it intends to sell off its major assets.
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