Introduction The American specialist of risky mortgages, New Century Financial Corporation, has filed for bankruptcy and is now under protection of Chapter 11 of the Bankruptcy Court. The second-largest provider of home loans to high-risk borrowers (subprime) in the US collapsed amid rising delinquencies and defaults: in recent years, when housing prices were rising, millions of people used such mortgages to buy homes they otherwise could not afford. Once home prices leveled off, borrowers started to default on their mortgages. That wreaked havoc on the subprime sector, which accounted for about a fifth of all new mortgages last year. In addition to this sector crisis, the Californian company has cheated its lenders by making deliberate mistakes in its accounting. The company is under investigation by a number of federal authorities, including the Security and Exchange Commission, for its stock trading. Like most subprime lenders, New Century sells its mortgages to investment banks that package these loans into bonds and trade them on the market. In recent weeks, the value of th......

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