Real Estate Wednesday continues with this short list, pulled from New Century’s bankrupcy filing (Why do I have to go across the pond to find stuff like this?)
"Goldman Sachs has emerged as the single biggest creditor of New Century, the American sub-prime mortgage lender, which filed for Chapter 11 bankruptcy last night, after writing $60 billion (£30.4 billion) of American home loans.
Barclays, the British bank, is at No 15 in the list of top 50 creditors. HSBC, which is already directly exposed to turmoil in the sub-prime market through its US sub-prime lending subsidiary, is at No 22."
Here’s the top lenders to New Century, which prior to their Chapter 11 bankruptcy filing, had borrowed over $60 billion to underwrite sub-prime home loans.
Top 15 Creditors (by Size) to New Century
1 Goldman Sachs Mortgage Company
2 Credit Suisse First Boston Mortgage Capital LLC
3 Credit-Based Asset Servicing and Securitization LLC
4 Morgan Stanley Mortgage Capital
5 DB Structured Products
6 Deutsche Bank
7 Bank of America
8 UBS Real Estate Securities
9 Lehman Brothers Bank FSB
11 Citigroup Global Markets Realty
12 Residential Funding Corporation
13 SG Mortgage Finance
14 IXIS Real Estate Capital
15 Barclays Bank
Crazy stuff . . .
New Century collapse sends shockwaves across the biggest lenders on Wall Street
The Times, April 4, 2007