New Century Financial Corporation was a real estate investment trust that originated mortgage loans in the United States through its operating subsidiaries, New Century Mortgage Corporation and Home123 Corporation., It was founded in 1995. In 2004 it converted to a real estate investment trust. In 2006, the company was second only to HSBC Finance in issuing subprime mortgages., In the spring of 2007, New Century ran into financial difficulties, and trading of its stock on the NYSE was halted. On April 2, 2007, it filed for Chapter 11 bankruptcy. In July 2010, three officers of the company agreed to pay $90 million in settlements and were barred from serving as directors of public companies for five years.