Century files bankrupcy

But then in the second half of last year, as the economy slowed and the impact of rising mortgage rates started to bite, business began to slow. As of last Monday its Web site was still highlighting this ironically proud claim "Where does a company go after its rapid growth to the ranks of the nation's top mortgage lenders?

Back to work. Geographically, California's overheated housing market figured centrally to New Century's business. In , according to its annual report, 37 percent of New Century's business was in California.

Florida - another overheated market - contributed 8. Those states have seen some of the biggest declines in home prices after the building boom of recent years led to a glut of new homes on the market. Of the subprime debt itself, Hallman predicts investment banks will see losses from the fees they generated in packaging and selling the debt. New Century filing details new finance sector woes. Subprime woes: How far, how wide?

Mortgage Rates. Real Estate. When your lender goes bankrupt. You have enough trouble making your mortgage payments without worrying where to send the check. Top Stories 7 things to know before the bell. China lockdown is hitting world's biggest chipmakers. Pfizer CEO shares thoughts on boosters and the future of Covid. Economist predicts how Omicron will impact the economy. British Chancellor: Government is not closing down businesses. Broadway cancels shows, companies delay returns over Covid concerns.

US grapples with shortage of child care workers. Cruz lambasts United CEO at hearing over employee mandate. NYC to mandate Covid vaccines for all private sector workers. Century 21 has 13 stores mostly in New York City and the surrounding metropolitan area. As of Thursday, it had 1, employees. The American Property Casualty Insurance Association has said that pandemic outbreaks are "uninsurable. Century 21, known for its great deals on clothes and accessories, opened its first location in in downtown Manhattan in New York, and also has locations in New Jersey, Pennsylvania and Florida.

Proskauer Rose is serving as Century 21's legal counsel. BRG is its financial advisor, with Brian Cashman leading as Century 21's chief restructuring officer.

Hilco Merchant Resources is facilitating the going-out-of-business sales.