Bankruptcy

Barclays, New Century Reach Agreement 

In a filing with the Securities and Exchange Commission late Thursday, embattled subprime lender New Century Financial said that it had reached a deal with Barclays Bank PLC releasing it from nearly $1 billion in repurchase claims associated with the credit provider. Under the terms of the deal, Barclays will assume all outstanding mortgage loans funded but not yet sold through its warehouse credit facility at New Century on an “as-is” basis, for a total of approximately $900 million in whole loans.