h_h_h ha scritto:
Ciao ragazzi, finalmente ho l'ok per scrivere su questo forum, è tutto molto bello e poi ci faccio i miei complimenti alla vostra competenza in materia.
Io sono entrato sul titolo a 17,80 a mio avviso era d'obbligo dopo una discesa del genere, il titolo è troppo penalizzato, non può far altro che risalire (speriamo bene!)
New Century Financial Corp. disclosed in a regulatory filing with
the U.S. Securities and Exchange Commission that it will restate
its consolidated financial results for the quarters ended
March 31, June 30 and September 30, 2006 to correct errors the
company discovered in its application of generally accepted
accounting principles regarding the company's allowance for loan
repurchase losses.
The company establishes an allowance for repurchase losses on
loans sold, which is a reserve for expenses and losses that may be
incurred by the company due to the potential repurchase of loans
resulting from early-payment defaults by the underlying borrowers
or based on alleged violations of representations and warranties
in connection with the sale of these loans. When the company
repurchases loans, it adds the repurchased loans to its balance
sheet as mortgage loans held for sale at their estimated fair
values, and reduces the repurchase reserve by the amount the
repurchase prices exceed the fair values. During the second and
third quarters of 2006, the company's accounting policies
incorrectly applied Statement of Financial Accounting Standards
No. 140 - Accounting for Transfers and Servicing of Financial
Assets and Extinguishment of Liabilities. Specifically, the
company did not include the expected discount upon disposition of
loans when estimating its allowance for loan repurchase losses.
In addition, the company's methodology for estimating the volume
of repurchase claims to be included in the repurchase reserve
calculation did not properly consider, in each of the first three
quarters of 2006, the growing volume of repurchase claims
outstanding that resulted from the increasing pace of repurchase
requests that occurred in 2006, compounded by the increasing
length of time between the whole loan sales and the receipt and
processing of the repurchase request.
Importantly, the adjustments are generally non-cash in nature.
Moreover, the company had cash and liquidity in excess of
$350 million at Dec. 31, 2006.
Although the company's full review of the legal, accounting and
tax impact of the restatements is ongoing, at this time the
company expects that, once restated, its net earnings for each of
the first three quarters of 2006 will be reduced.
In light of the pending restatements, the company's previously
filed condensed consolidated financial statements for the quarters
ended March 31, June 30 and September 30, 2006 and all earnings-
related press releases for those periods should no longer be
relied upon. The company expects to file amended Quarterly
Reports on Form 10-Q for the quarters ended March 31, June 30 and
September 30, 2006 as soon as practicable, with a goal to file by
March 1, 2007. The company also expects that the errors leading
to these restatements constitute material weaknesses in its
internal control over financial reporting for the year ended
December 31, 2006. However, the company has taken significant
steps to remediate these weaknesses and anticipates remediating
them as soon as practicable.
Fourth Quarter 2006 Developments
The increasing industry trend of early-payment defaults and,
consequently, loan repurchases intensified in the fourth quarter
of 2006. The company continued to observe this increased trend in
its early-payment default experience in the fourth quarter, and
the volume of repurchased loans and repurchase claims remains
high.
In addition, the company currently expects to record a fair value
adjustment to its residual interests to reflect revised
prepayment, loss and discount rate assumptions with respect to the
loans underlying these residual interests, based on indicative
market data. While the company is still determining the magnitude
of these adjustments to its fourth quarter 2006 results, the
company expects the combined impact to result in a net loss for
that period.
