SEC Enforcement Director Linda Thomsen told reporters Monday that the agency is involved in a broad examination of subprime mortgage loan companies. It has been known that the SEC was examining accounting practices at subprime lender New Century Financial. Anxiety that a blowup of subprime mortgage lenders could spill over into the broader economy has roiled the financial markets recently and played a major role in pushing the Dow Jones average to its lowest levels in more than four years.
March 20, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The Securities and Exchange Commission is investigating a number of companies that operate in the troubled market for subprime mortgage loans, the agency’s top enforcement official said Monday.
It has been known that the SEC was examining accounting practices at New Century Financial Corp., the nation’s second-largest maker of subprime mortgages — higher-priced home loans for people with tarnished credit or low incomes.
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