This is What a Flat Yield Curve Does to Banks
New Century Financial Corp., which is a REIT that provides mortgages, warned today that quarterly results would be lower than earlier expectations. This is what the company said in its press release.
["Recent trends in interest rates, coupled with concerns over housing prices, energy costs and other inflationary pressures, have caused a significant deterioration in the secondary market for loans, causing our projected operating margins to fall to unanticipated levels," said Robert K. Cole, chairman and chief executive, in a statement.
"Given the current operating environment, we also believe it is necessary to continue raising our rates in order to improve margins," Cole added. "In addition, we are adjusting our product mix and implementing ongoing cost-cutting initiatives."]
Company Description
Founded in 1995 and headquartered in Irvine, California, New Century Financial Corporation is a real estate investment trust (REIT) and one of the nation’s premier full-service mortgage finance companies, providing first and second mortgage products to borrowers nationwide through our operating subsidiaries New Century Mortgage Corporation® and Home123 Corporation®. We offer a broad range of mortgage products designed to meet the needs of all borrowers.
["Recent trends in interest rates, coupled with concerns over housing prices, energy costs and other inflationary pressures, have caused a significant deterioration in the secondary market for loans, causing our projected operating margins to fall to unanticipated levels," said Robert K. Cole, chairman and chief executive, in a statement.
"Given the current operating environment, we also believe it is necessary to continue raising our rates in order to improve margins," Cole added. "In addition, we are adjusting our product mix and implementing ongoing cost-cutting initiatives."]
Company Description
Founded in 1995 and headquartered in Irvine, California, New Century Financial Corporation is a real estate investment trust (REIT) and one of the nation’s premier full-service mortgage finance companies, providing first and second mortgage products to borrowers nationwide through our operating subsidiaries New Century Mortgage Corporation® and Home123 Corporation®. We offer a broad range of mortgage products designed to meet the needs of all borrowers.
posted by Little_Silvered at 10:02 AM
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