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In the Matter of
NEW CENTURY MORTGAGE CORPORATION
Mortgage Lender License No(s). ML3136 et al.
and its affiliates,
Mortgage Lender and Mortgage Broker License No(s). MC1485 et al.
NEW CENTURY CREDIT CORPORATION
Mortgage Lender License No. ML1735
The Commissioner of Banks ("Commissioner") having determined that (a) NEW CENTURY MORTGAGE CORPORATION ("New Century Mortgage" or the "Corporation"), located at 350 Commerce Street, Suite 100, Irvine, California 92602; (b) HOME123 CORPORATION ("Home123"), located at 350 Commerce Street, Suite 100, Irvine, California 92602; and (c) NEW CENTURY CREDIT CORPORATION ("New Century Credit"), located at 3351 Michelson Drive, Suite 400, Irvine, California 92612, have engaged in, or are engaging in, or are about to engage in, acts or practices constituting violations of Massachusetts General Laws chapter 255E and applicable regulations found at 209 CMR 42.00 et seq., hereby issues the following FINDINGS OF FACT AND TEMPORARY ORDER TO CEASE AND DESIST ("Temporary Order") pursuant to General Laws chapter 255E, section 7(b).
FINDINGS OF FACT
New Century Mortgage Corporation
New Century Credit Corporation
A Licensee shall notify the Commissioner immediately, and in writing within one business day, of the occurrence of any of the following significant developments: . . . (g) Exercise of recourse rights by investors or subsequent assignees of mortgage loans if such loans, in the aggregate, exceed the licensee's net worth exclusive of real property and fixed assets.
CONCLUSIONS OF LAW
ORDER TO CEASE AND DESIST
After taking into consideration the FINDINGS OF FACT and CONCLUSIONS OF LAW stated herein, it is hereby:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 13th day of March, 2007.
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts