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Matt v HSBC Exhibit_B

Matt v HSBC Exhibit_B

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Published by chunga85

MOTION OF THE DEBTORS AND DEBTORS IN POSSESSION FOR A PROCEDURE TO GRANT RELIEF FROM THE AUTOMATIC STAY FOR CERTAIN FORECLOSURE PROCEEDINGS PURSUANT TO SECTIONS 105(a) AND 362 OF THE BANKRUPTCY CODE

MOTION OF THE DEBTORS AND DEBTORS IN POSSESSION FOR A PROCEDURE TO GRANT RELIEF FROM THE AUTOMATIC STAY FOR CERTAIN FORECLOSURE PROCEEDINGS PURSUANT TO SECTIONS 105(a) AND 362 OF THE BANKRUPTCY CODE

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Published by: chunga85 on Nov 26, 2012
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09/17/2013

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EXHIBIT
B
Case 1:10-cv-11621-PBS Document 128-2 Filed 11/20/12 Page 1 of 9
 
In re:
IN
THE
UNITED STATES BANKRUPTCY
COURT
FOR THE
DISTRICT
OF
DELAWARE
Chapter
11
NEW
CENTURY
TRS
HOLDINGSINC.,a Delaware co1·poration, et!!:.,1Case
No.
07~10416(KJC)
Debtors.Jointly
Administered
Hearing Date: 5/21/07 @ 10:00 a.m.Objection Deadline: 5/14/07
@4:00p.m.
MOTION
OF
THE
DEBTORS AND DEBTORS IN POSSESSION
FOR
A PROCEDURE
TO
GRANT
RELIEF
FROM
THE
AUTOMATIC STAY
FOR
CERTAIN FORECLOSURE PROCEEDINGSPURSUANT
TO
SECTIONS
105(a)
AND
362
OF
THE
BANKRUPTCY CODE
New
Century Financial Corporation ("NCF"), a Maryland corporation,
New
Century
TRS
Holdings,
Inc.
("New
Century
TRS"), a Delaware corporation,
and
their direct
and
indirect subsidiaries, each
as
a debtor
and
debtor-in-possession (collectively,
the
"Debtors")
by
and
through their undersigned counsel, hereby submit this
motion (the
"Motion")
for
the
entry of
an
order (the "Order")
in
substantially
the
form
attached hereto approving procedures
to
lift
the
automatic stay
for
certain foreclosure proceedings pursuant
to
sections
105(a)
and
362
of Title
11
of the United States
Code (as amended
from
time
to
time,
the
"Bankruptcy Code").
In
support
of
this
Motion,
the
Debtors respectfully represent
as
follows:
1
The Debtors
are the
following
entities:
New
Century Financial Corporation (f/kla New Century
RE.IT,
Inc.),
a
Maryland
corporation;
New
Century
TRS
Holdings,
Inc.
(f/kla
New
Century Financial Corporation), aDelaware corporation;
New
Century
Mortgage
Corporation
(f/kla JBE Mortgage)
(d/b/a
NCMC
MortgageCorporate,
New
Century Corporation,
New
Century Mortgage Ventures,
LLC),
a Califomia corporation;
NC
CapitalCorporation, a Califomia corporation; Homel23 Corporation (f/k/a
TI1e
Anyloan Corporation, 1800anyloan.com,Anyloan
com),
a Califomia corporation;
New
Century Credit Corporation
(f/kla Worth
Funding Incorporated), aCalifornia corporation;
NC
Asset Holding,
L.P.
(flk/a
NC
Residual
II
Corporation), a
Delaware
limited partnership;
NC
Residual
III
Corporation, a Delaware corporation;
NC
ResiduallY Corporation, a Delaware corporation;
New
Century RE.O. Corp., a Califomia corporation;
New
Century
R.E.O.
II
Corp.,
a Califomia corporation;
New
Century RE.O.
III
C01p.,
a California corporation;
New
Century
Mortgage
Ventures,
LLC
(d/b/a
SummitResort
Lending, Total Mmtgage Resource,
Select Mortgage
Group, Monticello
Mortgage
Services,
Ad
Astra
Mortgage,Midwest
Home
Mortgage,
TRA
TS
Financial Services,
Elite
Financial Services, Buyers Advantage Mortgage), a
Delaware
limited liability
company;
NC
Deltex,
LLC,
a Delaware limited liability company; NCoral, L P , aDelaware limited partnership.
RlFI-3147121-1
Case 1:10-cv-11621-PBS Document 128-2 Filed 11/20/12 Page 2 of 9
 
JlJIUSDICTION
1.
This Court has jurisdiction to consider this Motion pursuant
to 28
U.S.C.sections 157 and 1334. This matter is a core proceeding pursuant
to
28 U.S.C. section 157(b).Venue
is
proper before this Court pursuant to 28
U.S.C
sections 1408 and 1409.2. The bases for the relief requested herein are sections 1
OS(
a)
and 362
of
theBankruptcy Code.
BACKGROUND
3.
New Century Financial Corporation, a Maryland corporation ("NCF") andpublicly owned real estate investment trust, is one
of
the largest specialty mortgage financebusinesses in the United States. Through its subsidiaries and its plimary holding companysubsidiary, New Century
IRS
Holdings, Inc., a Delaware corporation ("New Centmy
IRS"
andtogether with NCF and the other debtor subsidiaries, the "Debtors"), NCF originates, purchases,sells, and services mortgage loans nationwide, NCF historically focused on "subprime" lending,
or
lending
to
individuals whose borrowing needs were generally not fulfilled by traditionalfinancial institutions because they did not satisfy the credit, documentation or other underwritingstandards prescribed by conventional mmtgage lenders and loan buyers. In September 2005,
NCF
through some
of
its subsidiaries also began offering conventional mortgage loans,including:
"Alt~A"
mortgage loans, loans insured by the Federal Housing Administration("FHA"), and loans guaranteed
by
the Veterans Administration ("VA"). During the fiscal yearending December 31, 2006, the Debtors originated
or
purchased approximately $60 billion
of
mortgage loans, most
of
which were sold
in
the secondary market. Since their inception, theDebtors have issued
or
enabled over $220 billion
in
loans. These loans have helped millions
of
homebuyers and homeowners across the nation access credit and realize the benefits
ofhome
2
RLFI-3147121-1
Case 1:10-cv-11621-PBS Document 128-2 Filed 11/20/12 Page 3 of 9

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