KPMG Dumps New CenturyBy Francine • May 3rd, 2007 • Category: Pure Content
Will KPMG wait to be sued by New Century creditors or will they preempt with a “I was soooooooooooo deceived” defense?
KPMG drops New Century; probe expands
Bankrupt subprime lender brings in forensic accountants to understand how it valued stake in mortgage-backed bonds.
May 3 2007: 7:02 PM EDTNEW YORK (Reuters) — KPMG has quit as auditor of bankrupt subprime lender New Century Financial Corp., which has hired forensic accountants to investigate how the company valued its stake in mortgage-backed bonds.KPMG notified New Century last week that its client-auditor relationship had ceased, the subprime lender said on Thursday in a regulatory filing.