From the AP Wire comes the below article.

I am happy the doltish pennsyltucky banking regulators finally stepped up to the plate and put a halt to the legalized thievery the company has been engaged in in this state.  The regulators woke up to the nefarious business practices of this company and its subsidiaries only after the company reported it would be restating its financial reports.  No one apparently noticed the hundreds of prospective home owners who had to file for bankruptcy after the company and its subsidiaries failed to fund mortgage loans after closings.  D-oh!  Wake up!  This is what happens when bureaucrats hide behind the deregulation fad sweeping through our political entities.  Meanwhile, company executives have fat bank accounts not accessible to the folks stuck in bankruptcy.  New Century Financial's sub-prime business practices are a main cause of the stock market dropping precipitously just last week.

 "Troubles increase for mortgage lender

New Century Financial, the beleaguered lender that caters to people with poor credit scores, said yesterday it has received cease-and-desist orders from four more states to stop it from accepting new mortgage applications.

The company said in a filing with the Securities and Exchange Commission that Connecticut, Maryland, Rhode Island and Tennessee issued the orders Wednesday and Thursday, alleging that New Century Corp. units had violated state laws, including failure to fund mortgage loans after closing.

Massachusetts, New Hampshire, New Jersey and New York have already issued similar orders, according to the company.  In addition, its Home123 Corp. unit entered into a consent agreement with the Pennsylvania Department of Banking to keep it from taking new mortgage applications in that state, New Century said.

New Century, the second largest U.S. subprime home mortgage lender last year based on loan volume, has already stopped making new loans due to a lack of funds.

The lender, now on the brink of bankruptcy, is the subject of SEC and Justice Department investigations or accounting and the trading of its stock.

The SEC is conducting preliminary inquiry into the circumstances that led to the company's disclosure last month that it would restate its financial results for the first three quarters of last year.  The company said it is cooperating with investigators."