Authors

Robert Manning

Abstract

Recently, New Century Financial Corp. -- the nation's largest "subprime" mortgage lender -- filed for Chapter 11 bankruptcy. This was an astounding collapse, since the company originated more than $60 billion in loans in 2006. With HSBC's recent write-off of more the $11 billion in subprime loans, even the normal optimistic Alan Greenspan, past chairman of the U.S. Federal Reserve Board, cautioned that the "spillover" from the housing market correction could trigger a national recession in 2008.

Publication Date

4-11-2007

Document Type

Article

Department, Program, or Center

Accounting (SCB)

Campus

RIT – Main Campus

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