April 04, 2007

Statement of Senator Dodd on New Century Corp's Bankruptcy Filing

“New Century’s filing for bankruptcy protection is yet another illustration of the depth and breadth of the turmoil in the subprime mortgage market. In addition to the millions of Americans at risk of losing their homes, now thousands of New Century employees are facing unemployment. I hope that this announcement sends a serious signal to the federal regulators and other participants in the mortgage finance industry that they must make immediate changes in order to prevent any more Americans from losing their homes. As I have done for months now, I will continue to tackle this problem aggressively until we have a stable, long-term solution in place to keep the American dream of homeownership alive.”