Goldman Sachs has emerged as the single biggest creditor of New Century, the American sub-prime mortgage lender, which filed for Chapter 11 bankruptcy last night, after writing $60 billion (£30.4 billion) of American home loans.
Barclays, the British bank, is at No 15 in the list of top 50 creditors. HSBC, which is already directly exposed to turmoil in the sub-prime market through its US sub-prime lending subsidiary, is at No 22.
Here's the top lenders to New Century, which prior to their Chapter 11 bankruptcy filing, had borrowed over $60 billion to underwrite sub-prime home loans.
Top 15 Creditors (by Size) to New Century
1. Goldman Sachs Mortgage Company (NYSE:GS)
2. Credit Suisse First Boston Mortgage Capital LLC (NYSE:CS)
3. Credit-Based Asset Servicing and Securitization LLC
4. Morgan Stanley Mortgage Capital (NYSE:MS)
5. DB Structured Products
6. Deutsche Bank (NYSE:DB)
7. Bank of America (NYSE:BAC)
8. UBS Real Estate Securities (NYSE:UBS)
9. Lehman Brothers Bank FSB (LEH)
10. Countrywide (CFC)
11. Citigroup Global Markets Realty (NYSE:C)
12. Residential Funding Corporation
13 SG Mortgage Finance
14. IXIS Real Estate Capital
15. Barclays Bank (NYSE:BCS)
Crazy stuff . . .