SUBPRIME MORTGAGES
New Century Financial, the nation’s second largest lender specializing in subprime loans, filed for bankruptcy protection yesterday. While 50 lenders have filed for bankruptcy recently, New Century’s fall from grace shook stock traders who watched it go from Wall Street favorite to financial pariah.
CONDO-HOTELS
A few years ago, condo-hotels practically sold themselves, but the market has changed. The slowdown has given pause to many condo-hotel buyers, according to industry experts, who say that the general public now has a wait-and-see attitude.
Another important point for purchasers of condo-hotels for prospective buyers is to read the documents very carefully and have a full understanding of them.