The NYT reports on the problems facing New Century Financial and some of the other financial firms that specialized in issuing subprime morgages. Those who were concerned about the prospects for the dealers of mortgages that seem likely to go bad, and leave homeowners out on the street, will be happy to know that they have socked away enough money in the good years so that they will still be incredibly wealthy.
The folks that bought the homes or who now hold these mortgages may be somewhat less fortunate.
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