New Century Financial is shutting down it's home lending unit (which it was shopping around for sale. Surprisingly no one seemed to think that jumping into the sub prime market was a good idea right now). The firings will take place tomorrow. This is on top of the 3,200 already let go. This means that New Century Financial will let go 70% of it's work force.
Related Article at Bloomberg
New Century Shuts Lending Unit as No Buyers Emerge (Update2)
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