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Event

Bankruptcy of New Century Financial

The subprime lender New Century Financial collapsed in April 2007.

3 links, 1 backed by primary records

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Dates
Apr 2007

Connections 3

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part of

includes

Timeline 1 date
  1. Apr 2007 Bankruptcy of New Century Financial
Proof 4 sources
  1. KPMG cited in collapse of subprime lender, Accounting Today, 4 May 2008. Scholarship & press
    the troubled mortgage company that collapsed last April
    The examiner's report however also said that a negligence case would be difficult to win.
    failed to exercise due care in planning and carrying out its audits and reviews, failed to demonstrate appropriate professional skepticism with respect to management’s judgments
  2. The Financial Crisis Inquiry Report (final report incl. dissenting statements), Financial Crisis Inquiry Commission. Primary record
    most of the subprime lenders had failed or been acquired, including New Century Financial, Ameriquest, and American Home Mortgage
  3. Report Faults New Century Execs, KPMG, Orange County Business Journal, 25 Mar 2008. Scholarship & press
    Examiner Michael J. Missal’s report laid blame with New Century’s senior management and auditor KPMG LLC.
  4. New Century Examiner’s Report Faults KPMG, Company Officials, The D&O Diary, Mar 2008. Scholarship & press
    the estate may be able to assert causes of action against KPMG for “professional negligence and negligent misrepresentations.”
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