| Investor Notice: Murray, Frank & Sailer LLP Has Filed a ...
NEW YORK, NY -- (MARKET WIRE) -- 03/12/07 -- Murray, Frank & Sailer LLP has filed a class action in the Central District of California on behalf of shareholders who purchased or otherwise acquired the securities of New Century Financial Corp. ("New Century" or the "Company") (NYSE: NEW) between April 4, 2006 through February 7, 2007, inclusive (the "Class Period"). The case has been given Civil Action # 07cv162. The complaint charges New Century and certain of its officers and directors with violations of the Securities Exchange Act of 1934. New Century is a real estate investment trust that through its subsidiaries operates mortgage finance companies. The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's business and financial results and concealed the following material adverse facts from the investing public: (a) the Company lacked requisite internal controls, and, as a result, the Company's projections and reported results issued during the Class Period were based upon defective assumptions and/or manipulated facts; (b) the Company's financial statements were materially misstated due to its failure to properly account for its allowance for loan repurchase losses; (c) the Company's financial statements were materially misstated due to its failure to properly account for its residual interests in securitizations by failing to timely write down the impaired asset; (d) given the deterioration and the increased volatility in the subprime market, the Company would be forced to tighten its underwriting guidelines which would have a direct material negative impact on its loan productions going forward; and (e) given the increased volatility in the subprime market, the Company had no reasonable basis to make projections about its ability to maintain its current mortgage loan production levels for 2007.
Schemes produce more blight, experts say
In television's "Flip That House" series, investors buy run-down properties, invest in remodeling and reconstruction, then sell them for a profit. That should not be confused with house-flipping scams, experts said, which involve rising prices with no real investment. "It's bank robbery without a gun," said Ann Fulmer, an Atlanta attorney and nationally recognized expert in mortgage fraud. Fulmer said mortgage schemes have many variations, but in the end, the result is usually the same: a boarded-up house blighting a neighborhood and a bank out thousands of dollars. "It's the beginning of a death spiral," Fulmer said. "It's a very slow and agonizing death." Worse, although mortgage fraud can and does happen everywhere, it is most common in neighborhoods already struggling with foreclosures and vacancies, Fulmer said.
BEYRLE: BULGARIA HAS HIGHER INVESTMENT POTENTIAL THAN WHAT IT ...
The investment climate in Bulgaria was relatively good, US ambassador to the country John Beyrle told private national channel bTV. The proximity of the country to the Middle East and Africa, as well as its EU membership made it attractive destination for US investors, Beyrle said. Government should pay more attention to major investors and improve intellectual property right practices, Beyrle said. Political parties also had to get involved in improving the business climate by dealing with capital with unclear origin. This would further the interest of US investors already attracted by Bulgarias stability and economic growth. Transparency, resulting from better legal practices, will increase competitiveness, Beyrle said. Bulgaria had much higher investment attraction potential than what it was currently showing, Beyrle said.
'Learn how to shop for Baja real estate' weekend cruise planned ...
Ever wonder if retiring in Mexico is an option? Who would you ask to get basic questions answered: Can Americans own land? (Yes). Who can explain the process clearly? (Specialists). Are American property owners' and buyers' rights protected under Mexican law? .
Coldwell Banker Commercial TradeMark Properties Commercial ...
[ClickPress, Wed Mar 07 2007] Billie Redmond, president of Coldwell Banker Commercial TradeMark Properties, has announced that Sheppard Kellam Ames III, commercial investment advisor, has been named to the Board of Directors for the Contemporary Art Foundation. The foundation is kicking off its capital campaign to build an urban cultural center in the warehouse district in Downtown Raleigh. Ames will work with Carson Brice, chair of the foundations boards of directors, and the foundations other board members to accomplish its main goal, the transformation of its warehouse property at 409 W. Martin St. into a vibrant cultural center that will include loft-style condominiums, retail space, underground parking and artist studios that will surround the Contemporary Art Museum.
Keywords:
http://www.camnc.org/about/index.html
http://www.trademarkproperties.com
Quotes:
We are proud that Kellam has taken on this position, said Redmond.
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