|
LOS ANGELES (AP) - New Century Financial Corp. said Thursday it had reached a deal with Barclays Bank PLC that would effectively release the troubled subprime mortgage lender from having to buy back about $900 million in mortgage loans.
Britain-based Barclays had demanded last week that Irvine-based New Century comply with an obligation to repurchase outstanding mortgage loans financed by the bank.
Barclays had alleged the company defaulted on its financial obligations.
|