Top 15 Creditors to New Century

Real Estate Wednesday continues with this short list, pulled from New Century's (NEWC.PK) bankruptcy filing (Why do I have to go across the pond to find stuff like this?)

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 (GS)

2. Credit Suisse First Boston Mortgage Capital LLC (CS)

3. Credit-Based Asset Servicing and Securitization LLC

4. Morgan Stanley Mortgage Capital (MS)

5. DB Structured Products

6. Deutsche Bank (DB)

7. Bank of America (BAC)

8. UBS Real Estate Securities (UBS)

9. Lehman Brothers Bank FSB (LEH)

10. Countrywide (CFC)

11. Citigroup Global Markets Realty (C)

12. Residential Funding Corporation

13 SG Mortgage Finance

14. IXIS Real Estate Capital

15. Barclays Bank (BCS)

Crazy stuff . . .

Comments

[gary kallanxhi:]

Wasn't the word (Jim Cramer and others) that Goldman is the only brokerage firm not exposed to subprime/exotic lending? This seems to indicate otherwise.

2007 Apr 05 06:13 PM

[cohenbarryj:]

Why does an investor want to own a company whose senior leadership "manages by firing." They let loose 15,000 people so 1 or 2 guys can keep their jobs (Chuck Prince for example). Now I don't work for the company nor does any family or friends so this isn't spilled milk. They can't do a deal in the U.S. so they are forced to look at crap like ABN AMRO. The simple fact is they got a $1 bln in operating leverage by firing 15K people so they can buy time for the FED to cut rates so revenue improve. The leadership is inarticulate, inaccurate, a bit decitful, and certainly inaffectual.

2007 Apr 06 10:52 AM