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NEW CENTURY MORTGAGE LISTS ALL THE LAWSUITS BY HOMEOWNERS AT TIME WHEN NCM DELCLARED BANKRUTPCY IN DELAWARE

NEW CENTURY MORTGAGE LISTS ALL THE LAWSUITS BY HOMEOWNERS AT TIME WHEN NCM DELCLARED BANKRUTPCY IN DELAWARE

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Published by 83jjmack
THEY DECLARED BKR ON 4-2-2007 AND THIS IS THEIR FINANCIALS AND BANKRUPTCY SCHEDULES.
AROUND P 144 STARTS WHERE THE LISTS OF HOMEOWNER//BORROWERS HAVE LAWSUITS
THEY DECLARED BKR ON 4-2-2007 AND THIS IS THEIR FINANCIALS AND BANKRUPTCY SCHEDULES.
AROUND P 144 STARTS WHERE THE LISTS OF HOMEOWNER//BORROWERS HAVE LAWSUITS

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Published by: 83jjmack on Apr 27, 2012
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11/25/2013

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New Century Mortgage Corporation07-10419
NOTES TO SCHEDULES OF ASSETS AND LIABILITIES
DebtorIn re:Case No.
AND STATEMENT OF FINANCIAL AFFAIRS
United States Bankruptcy CourtFor the District of Delaware
New Century Mortgage Corporation (the “Debtor”) submits its Schedules of Assets and Liabilities (the “Schedules”) and Statement of Financial Affairs(the “Statements”) pursuant to 11 U.S.C. § 521 and Federal Rule of Bankruptcy Procedure 1007.The Schedules and Statements have been prepared by the Debtor’s management and are unaudited. While management of the Debtor has made everyeffort to ensure that the Schedules and Statements are accurate and complete based on information that was available at the time of preparation, thesubsequent receipt of information may result in material changes in data contained in the Schedules and Statements which would warrant amendment of same. Except as noted, the assets and liability data contained in the Schedules and Statements are reflected at net book value as of April 2, 2007, the datethe Debtor commenced its Chapter 11 case (the “Commencement Date”).The Debtor reserves the right to dispute, or to assert offsets or defenses to, any claim reflected on the Schedules and/or Statements as to amount, liability orclassification.While every effort has been made to file complete and accurate Schedules and Statements, inadvertent errors or omissions may exist. Accordingly, theDebtor reserves the right to amend its Schedules and Statements as necessary or appropriate and expects it will do so as information becomes available.The Debtor utilizes a consolidated cash management system. The Schedules may not reflect payments by an affiliated debtor on behalf of this Debtor, aswell as payments between debtor and non-debtor affiliates.Any failure to designate a claim listed on the Debtor’s Schedules as “disputed,” “contingent” or “unliquidated” does not constitute an admission by theDebtor that such amount is not “disputed,” “contingent” or “unliquidated”. The Debtor reserves the right to dispute, or to assert setoff rights,counterclaims or defenses to, any claim reflected on its Schedules as to amount, liability or classification, or to otherwise subsequently designate any claimas “disputed,” “contingent” or “unliquidated".The dollar amounts of claims listed may be exclusive of contingent and unliquidated amounts.The claims of individual creditors for, among other things, merchandise, goods, services, or taxes are listed as either the lower of the amounts invoiced bysuch creditor or the amounts entered on the Debtor’s books and records and may not reflect credits or allowances due from such creditors to the Debtor.The Debtor reserves all of its rights with respect to any such credits and allowances.The Bankruptcy Court has approved the payment of certain unsecured priority and non-priority claims against the Debtor including, without limitation,certain claims of employees for wages, salaries, reimbursement of business expenses and other claims, as well as certain claims of the Debtor’s vendors,and service providers. Such payments, to the extent made as of the date the Schedules were prepared, have been reflected in Schedule E or Schedule F,respectively.It would be prohibitively expensive and unduly burdensome to obtain current market valuations of the Debtor’s property interests. Accordingly, unlessotherwise noted, the carrying value on the Debtor’s books, rather than the current market values, of the Debtor’s interest in property is reflected on theDebtor’s Schedules and Statements.
 
New Century Mortgage Corporation07-10419This statement is to be completed by every debtor. Spouses filing a joint petition may file a single statement on which the information for bothspouses is combined. If the case is filed under chapter 12 or chapter 13, a married debtor must furnish information for both spouses whether or not a jointpetition is filed, unless the spouses are separated and a joint petition is not filed. An individual debtor engaged in business as a sole proprietor, partner,family farmer, or self-employed professional, should provide the information requested on this statement concerning all such activities as well as theindividual's personal affairs. Do not include the name or address of a minor child in this statement. Indicate payments, transfers and the like to minorchildren by stating “a minor child.” See 11 U.S.C. § 112; Fed. R. Bankr. P. 1007(m).The term "insider" includes but is not limited to: relatives of the debtor; general partners of the debtor and their relatives; corporations of which the debtor is an officer, director, or person in control; officers, directors, and any owner of 5 percent or more of the voting or equity securities of acorporate debtor and their relatives; affiliates of the debtor and insiders of such affiliates; any managing agent of the debtor. 11 U.S.C. § 101.A debtor is "in business" for the purpose of this form if the debtor is a corporation or partnership. An individual debtor is "inbusiness" for the purpose of this form if the debtor is or has been, within six years immediately preceding the filing of this bankruptcy case, any of thefollowing: an officer, director, managing executive, or owner of 5 percent or more of the voting or equity securities of a corporation; a partner, other than alimited partner, of a partnership; a sole proprietor or self-employed full-time or part-time. An individual debtor also may be “in business” for the purposeof this form if the debtor engages in a trade, business, or other activity, other than as an employee, to supplement income from the debtor’s primaryemployment.
Official Form 7(04/07)
Questions 1 - 18 are to be completed by all debtors. Debtors that are or have been in business, as defined below, also must complete Questions 19 -25. If the answer to an applicable question is "None," mark the box labeled "None." If additional space is needed for the answer to any question, use andattach a separate sheet properly identified with the case name, case number (if known), and the number of the question.DebtorIn re:Case No.
United States Bankruptcy CourtSTATEMENT OF FINANCIAL AFFAIRS
“In business.”“Insider.”
 Definitions
District of Delaware
Page 1 of 43
 
New Century Mortgage Corporation07-10419DebtorIn re:Case No.State the gross amount of income the debtor has received from employment, trade, or profession, or from operation of the debtor's business,including part-time activities either as an employee or in independent trade or business, from the beginning of this calendar year to the date thiscase was commenced. State also the gross amounts received during the two years immediately preceding this calendar year. (A debtor thatmaintains, or has maintained, financial records on the basis of a fiscal rather than a calendar year may report fiscal year income. Identify thebeginning and ending dates of the debtor's fiscal year.) If a joint petition is filed, state income for each spouse separately. (Married debtorsfiling under chapter 12 or chapter 13 must state income of both spouses whether or not a joint petition is filed, unless the spouses are separatedand a joint petition is not filed.)
1. Income from employment or operation of business
None
AMOUNT( 000s)SOURCE$ (69,278)1/1/2007 - 3/31/2007 Business Operations (loan origination fees, other fees, other loan costs, interest on loans, interest expense,intercompany interest, interest on investments, other income, interest expense on LHFI, servicing revenue, gain on loans fromsale)$ 701,7621/1/2006 - 12/31/2006 Business Operations (loan origination fees, other fees, other loan costs, interest on loans, interestexpense, intercompany interest, interest on investments, other income, interest expense on LHFI, servicing revenue, gain onloans from sale)$ 1,690,1931/1/2005 - 12/31/2005 Business Operations (loan origination fees, other fees, other loan costs, interest on loans, interestexpense, intercompany interest, interest on investments, other income, interest expense on LHFI, servicing revenue, gain onloans from sale)In connection with the restatement of its previously filed interim financial statements for the quarters ended March 31, 2006, June 30, 2006 and September30, 2006 (the "Interim Financial Statements"), the Audit Committee of the Board of Directors of New Century Financial Corporation (the "Company"), onthe advice of its independent counsel, initiated an independent investigation into the issues giving rise to the Company’s need to restate the InterimFinancial Statements, and as previously reported to the Securities and Exchange Commission, subsequently expanded the investigation to include issuespertaining to the Company’s valuation of certain residual interests in securitizations in 2006 and prior periods (the "Internal Investigation"). In addition toits independent counsel, the Audit Committee also retained forensic accountants and other professionals (collectively, the "Investigative Team") to assist itin connection with the Internal Investigation.Based on recent communications with members of the Investigative Team, the Audit Committee determined that there were errors in the Company’spreviously filed annual financial statements for its fiscal year ended December 31, 2005 (the "2005 Financial Statements") with respect to both theaccounting and reporting of loan repurchase losses and the Company’s valuation of certain residual interests in securitizations. The Company’s ability tofurther investigate these matters is constrained as the Company is currently in liquidation proceedings under chapter 11 of the Bankruptcy Code. However,based upon the work performed by the Investigative Team, the Audit Committee and management believe that it is more likely than not that these errors inthe aggregate resulted in a material overstatement of pretax earnings in the 2005 Financial Statements. Accordingly, on May 23, 2007, the Company’sBoard of Directors concluded, based upon the recommendation of the Audit Committee, that the 2005 Financial Statements should no longer be reliedupon.The 2005 gross income numbers listed above are as previously reported. The 2006 gross income reflects preliminary adjustments associated with therestatement process.
Page 2 of 43

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