New

[richard100]

Hallo Cybercrash,
Kannst Du mal diesen Titel genauer anschauen und mir sagen was Du darüber denkst?
Gruss Rich

http://quotes.nasdaq.com/asp/summaryquote.asp?symbol=NEW%60&selected=NEW%60

http://www.nasdaq.com/aspxcontent/NewsStory.aspx?cpath=20051207\ACQPRN200512071519PR _NEWS_B_WES_LA_LAW077.htm&selected= NEW&selecteddisplaysymbol=NEW&symbol=NEW`&coname=N ew%20Century%20Financial%20Corp.&logopath=&market= NYSE&pageName=Compan y%20News

Dividend

The company's board of directors expects to declare the fourth quarter 2005 dividend in December 2005, which will be payable in January 2006 to stockholders of record as of a date to be determined in December 2005. For the full-year 2005, the company expects to pay a dividend of $6.50 per share to its stockholders.

As of September 30, 2005, the company's year-to-date REIT taxable income exceeded the dividends paid by approximately $1.42 per share. Moreover, the company estimates that REIT taxable income at year-end will exceed its $6.50 per share dividend guidance by approximately the same amount as REIT taxable income exceeds dividends paid. For the full year 2005, the company expects the excess to be approximately $1.50 per share. The company expects to utilize an Internal Revenue Code provision that allows excess taxable income to be carried into 2006, and to distribute the excess taxable income as part of its regular quarterly dividend in April 2006, while avoiding excise or regular income tax on such excess.

[cybercrash]

Gehört auch in die Gruppe US-Hypothekenbanken, PE 5.5, für 2006 5.3, enorme Dividende leicht höher als Gewinn/Aktie geht natürlich vom Kurs ab.

Gleiche Kategorie wie IMH, man muss aber aufpassen, dass man kein Klumpenrisiko generiert. Auf CNBC waren Kommentare zu hören der Sektor sei noch kein Kauf. Tiefe Kurse heissen eben nicht, dass sich der Kurs entwickelt, mit der steigenden US-Zinskurve könnten auch die Kurse dieser Hypothekenbanken flachgefahren werden.

Diese Werte können dann problematisch werden, wenn die Kunden die Hypo-Zinsen nicht bezahlen können, Liegenschaften gepfändet werden und die Immobilienpreise einbrechen. Man sollte wissen, wer die Schuldner sind und ob die Bonität stimmt.

Bin jetzt bei IMH drin, nehm den Wert mal auf die Waschliste, Danke für den Hinweis.

[richard100]

Hatte den Titel zu 38.17$ gekauft. Nach einem Absturz von fast 10% hat sich der Kurs jetzt wieder stabilisiert. Jetzt noch die gute News betr. div. Entschädigt dafür...
Gruss Rich

http://www.nasdaq.com/aspxcontent/NewsStory.aspx?cpath=20051216\ACQPRN200512160655PR _NEWS_B_WES_LA_LAF016.htm&selected= NEW&selecteddisplaysymbol=NEW&symbol=IMH`&symbol=N FI`&symbol=NEW`&coname=New%20Century%20Financial%2 0Corp.&logopath=&mar ket=NYSE&pageName=Company%20News

[cybercrash]

Es macht den Eindruck, dass der Kurs einen derart massiven Dividendenabgang nicht so schnell und einfach wieder kompensieren/aufholen kann. Stelle aber fest, dass auf diesen Hypothekenbanken hohe Volatilität tradbare Kursdifferenzen produziert. Bleibt interessant. Mal sehen, was im Januar nach dem Dividendenabgang läuft?

[richard100]

Hallo Cybercrash,
ex Div. 30.12.05
Gruss Rich

Hallo Rich, Cybercrash!

Danke für die Tipps, habe NEW und IMH angeschaut.

IMH ist zwar billiger aber hat evtl. mehr Downside "estimated taxable income may continue to come under some pressure"
schreibt der Chef.

Habe im Sinn Montag NEW bei aktuellem Preis zu kaufen ($37,26).
Wie Cybercrash schreibt, der Kurs sollte im Januar sinken, aber vielleicht mit weniger als die $1,70 Dividende.
Das Management schaut zuversichtlich in 2006 hinein.

Nur, warum ist der Kurs in 2005 mit 40% gesunken?

Lancelot

Habe Kaufauftrag bei UBS eingegeben - Limite würde nicht akzeptiert für nicht-UBS investment funds! Habe bestens bestellen müssen.

Was soll das? Der Broker muss den Order ins NYSE-system eingeben oder?

Lancelot

[richard100]

Hallo Lancelot
Beobachte vor allem NFI schon seit einigen Monaten, und habe den Kursbruch genaustens verfolgt. Es ist halt schon so, dass die Amis sehr emotional und ängstlich am Markt agieren. Vor allem hören sie viel mehr als wir auf Analysten und anderen Experten. Das eröffnet doch auch immer wieder Chancen für uns.
Vor jeder Zinserhöhung taucht das Schreckensgespenst der Immoblase auf. Das ist der wahre Grund. Bei jeder Erhöhung wurde prognostiziert,d ass in den USA der Immobilienmarkt zusammen bricht. Denke da auch an Marcus, welcher sich in dieser Beziehungung immer stark negativ äusserte.
Wie kommt es denn, dass nach all diesen Zinserhöhungen diese Banken ihre Div. erhöhen können.
Jetzt wo sich ein Ende dieser Erhöhungen abzeichnet, fangen die Kurse wieder an zu steigen.
Auch wurde erwähnt, dass diese Titel sehr stark manipuliert werden in Form von "Naked short selling" Habe mich zum ersten Mal mit diesem Begriff auseinandergesetzt mit NFI. Da werden Titel verkauft, die gar nicht vorhanden sind. Scheint in den USA möglich.
Ich habe mal schon Dany gesagt, ich betrachte dieses Investment als eine Obligationanlage auf längere Sicht, lasse mich von den Schwankungen nicht beeindrucken, und kassiere mit Freude die Dividende. In wenigen Jahren habe ich mein Geld zurück...
Gruss rich

p.s. Hier noch ein kleiner Auszug über Naked short selling.

What's Wrong with Short Selling?

There is nothing inherently wrong with short selling. As you can see from the example, it helps to correct the excesses in the market. The problem arises when short sellers use a scheme called naked short selling to effect their transactions. Naked short selling is a technique whereby you sell short without borrowing the stock. In this way short sellers can sell as much as they want with no accountability for returning the stock. This ability to "fail to deliver" the stock creates havoc in the micro-cap market. In particular shorts can pick on small emerging companies and drive their stock to zero, thus preventing capital raising and frightening other longs in the stock to abandon their position, not based on the fundamentals, but only on the manipulation of the stock. Obviously when you see your stock price plunging, you are most likely to sell first and ask questions later. Shorts were able to get away with this practice because only those firms that were NASD members were required to comply with delivery rules.
There are many groups, such as Canadian brokerage firms, Specialists, options players, who are not NASD members, and therefore do not have to comply with the NASD rules that require members to assure delivery of stock by the settlement date. For example, if you open a brokerage account at a Canadian firm, they are allowed to keep open "fail to deliver" orders on their books. A short selling group trading through a Canadian brokerage firm literally can get away without delivering their shares. In Canada, previous to the new regulation, investors were not required to borrow stock before selling it short.

Rich schreibt: "Bei jeder Erhöhung wurde prognostiziert, dass in den USA der Immobilienmarkt zusammen bricht."

In anderen Ländern ist dies auch so, z.B. Grossbritannien. Tatsache ist, die potentielle Hauskäufer werden immer kaufen wollen,
so lang sie denken, dass der Zins tiefer als die zukunftige Hauspreis-Teuerung liegt. Das bleibt so, auch wenn die Zinse steigen.
Die meisten Hauskäufer denken, dass der Hauskauf eine gute langfristige Anlage ist.
Das stimmt oftmals nicht, aber wenn man gern im Haus wohnt, schaut man nicht so sehr auf dem Kapitalgewinn oder Verlust.
Es geht eher darum, ob man die Zinse bezahlen kann und der neuer Besitzer macht natürlich alles, sein eigenes Heim von der Bank zu verteidigen.

In GB verzichtet man auf fast alles inklusive dem Essen, wenn es darum geht die Zinse bezahlen zu können.
In den USA weiss ich nicht, ob das auch so ist, oder ob man schneller aufgibt und pleite macht.

Wenn ich in diese REITs investiere, nehme ich an, dass ein gewisses Risiko schon in der Bilanz gedeckt ist.
Das ist eine Annahme, weil ich kenne die Branche und ihre Buchhaltungspraxis nicht.

Hoffen wir, dass die Hauseigentümer-Pleite- Anteil nicht zu sehr steigt!

Auf ein paar Dividendenzahlungen kann ich schon verzichte, wenn das Geschäft nachher wieder aufgeht.

Lancelot

[richard100]

Zitat von Lancelot

Hallo Rich, Cybercrash!

Danke für die Tipps, habe NEW und IMH angeschaut.

IMH ist zwar billiger aber hat evtl. mehr Downside "estimated taxable income may continue to come under some pressure"
schreibt der Chef.

Habe im Sinn Montag NEW bei aktuellem Preis zu kaufen ($37,26).
Wie Cybercrash schreibt, der Kurs sollte im Januar sinken, aber vielleicht mit weniger als die $1,70 Dividende.
Das Management schaut zuversichtlich in 2006 hinein.

Hallo Lancelot
Sehe schon, Du hast gut recherchiert..
Ja, IMH hat kurzfristig das Div. Announcement verschoben vom 13.12. auf den 5.1.06 verschoben. Der Grund ist mir nicht bekannt. Das hat sofort Unruhe in den Kurs gebracht. Bin mit einer kleiner Portion drinnen, and hope for the Best.
NEW sieht gut aus. Div. für den Jan bestätigt. Am 30.12. wird der Kurs sinken, aber das erholt sich erfahrungsgemäss sehr schnell wieder.
Gruss rich

Nur, warum ist der Kurs in 2005 mit 40% gesunken?

Lancelot

Habe soeben 200 Stücke gekauft, zu $37.90 beim Opening.

Habe die Limite auf $38 hochgesetzt, weil ich mit einem Kursstieg gerechnet habe.

Wegen blockierter Limite-Eingabe habe ich den Berater einschalten müssen.

Lancelot

[richard100]

Hallo Lancelot
Gratuliere.!
Ratschlag: Fest anschnallen. Diese Titel weisen stets starke Schwankungen nach unten wie auch nach oben. Aber die Div. macht stets Freude..
Gruss Rich

Danke für den Hinweis. Ich bin Risikoanleger.

Wenn diese 2 REIT-Titel stärkere Downside-Schwankungen als andere in meinem Portfolio zeigen, werde ich meinen Hut essen!

Lancelot

[richard100]

Heute für diesen Titel ex Div. Date.
Interessante feststellung gemacht.
Wenn ich mir die Kurse bei Nasdaq.com anschaue wird bei der Kursangabe die Div. bereits abgezogen. Deshalb die Kursdifferenz zwischen UBS.Quotes und Nasdaq.com
Gruss Rich

http://quotes.nasdaq.com/asp/summaryquote.asp?symbol=NEW%60&symbol=TMA%60&symbo l=NFI%60&symbol=IMH%60&selected=NEW%60

Kann nicht sein.

Am 10.16 ist der Kurs $37.27 bei beiden Sites und beide rapportieren ex dividend.

Lancelot

[richard100]

Hallo Lancelot
Hier der Beweis:

Bei New gibt UBS keine richtiges Updating.
aber hier das Beispiel von NFI welches heute ebenfalls ex Dix.

NFI 751011 US6699474002 FR:514591 AT:939202 DE:939202 GB:2143486

Date Open High Low Last Change Chg. % Time Delay
28.12.2005 29.41 (09:31) 29.65 (09:32) 29.35 (10:15) 29.43 (10:23) -1.32 -4.29 10:23:57 20

und nasdaq:

http://quotes.nasdaq.com/quote.dll?mode=stock&page=quick&symbol=nfi&symbol= &symbol=&symbol=&symbol=&symbol=&symbol=&symb ol=&symbol=&symbol=&selected=nfi

Doch es wird updated mit 20 min Verzögerung, genau wie bei deiner Quelle - schaue auf deine Uhr!

Ich sage, schaue auf UBS Quotes unter 1936460 und Du siehst das Gleiche wie bei Nasdaq. Muss nur Investment Funds wählen, sonst findet es den Titel nicht.

Lancelot

OK, jetzt hast Du die Quelle geändert auf eine Realtime-Darstellung.
Das bietet UBS nicht an.

Lancelot

[richard100]

Hallo Lancelot
Habe mich wahrscheinlich nicht klar ausgedrückt.
Was ich sagen wollte ist, dass bei UBS der effektive Tagesverlust angegeben wird. also z.B. -1.50$ . Das heisst dann für mich bei NEW, dass der Titel eigentlich + 0.20 steigt, da die Div. ja 1.70$ beträgt.

Bei Nasdaq findest Du nicht von -1.50$ sondern direkt +0.20.
Nichts besonderes, aber wenn man sich des ex. div. nicht bewusst ist, kann es einem schon Recht einfahren bei UBS. Mir schon passiert.
Gruss Rich

Oh, was sehe ich hier!

Bei der ersten Nasdaq-Summary-Quote gibt es die Realtime oben und eine 20-Minute spätere Zeit unten beim Quote.

Wenn ich auf die Flash-Quote umstelle, sehe ich nur die obere Realtime und der Kurs ändert sich nicht.

Es wird beschiessen - es ist keine Realtime Quote, "Flash" heisst mit einer 20-Minutigen Verspätung, wir auch bei UBS!

Probiere einmal!

Lancelot

[richard100]

Hallo Lancelot, Cybercrash,
Die REITS haben heute stark ins Plus gedreht. Immer wieder schön zu sehen, sobald das Schreckgespenst Zinserhöhung schwächelt, steigen die Kurse. Also eine Wette gegen die Zinsen..
Gruss Rich

Rich schreibt: "Die REITS haben heute stark ins Plus gedreht. Immer wieder schön zu sehen"

Gar nicht, ich wollte bei fallendem Kurs noch kaufen!

Bin nie zufrieden!

Lancelot

[richard100]

Es häd solangs häd. Chaufe chamer emmer..
Gruss Rich

[richard100]

Hallo Lancelot
Würde wohl mal sagen: B I N G O !!!
Gruss Rich

[richard100]

Hallo Lancelot
Doch noch gute News. NEW heute up 10%

Eine solche Perle gebe ich nicht mehr so schnell aus der hand..

Gruss Rich

UPDATE: New Century Profit Tops Forecasts



By John Spence

BOSTON (Dow Jones) -- New Century Financial Corp. before the opening bell Thursday said fourth-quarter net income topped analyst expectations and said its chief operating officer would take over as CEO in July.

The Irvine, Calif.-based REIT and mortgage lender (NEW) said quarterly income was $114 million, or $2 a share, compared with $78.7 million, or $1.44 a share in the year-ago period.

Analysts had been expecting profit of $1.79 a share.

In the fourth quarter of 2005, the company said it originated $15.7 billion in mortgage loans.

Net operating margin fell to 0.51% from 0.61% the prior quarter on lower gain- on-sale, partially offset by rising net interest income and lower acquisition costs.

New Century said Brad Morrice, chief operating officer, would become chief executive effective July 1. He replaces Robert Cole, who plans to stay on as executive chairman of the board.

The company did not provide an earnings outlook for 2006.

"The operating environment and secondary market conditions remain uncertain," New Century said in a statement.

"Additionally, our business strategy and results are contingent on a variety of factors, including the capital market environment."
.

[cybercrash]

Kompliment! rich, das war ein Hinweis erster Güte. Hatte mich für IMH entschieden und NEW ausgelassen wegen Klumpenrisiko und zu wenig Sachverstand. 2$ Quartalsgewinn somit hochgerechnetes PE von ca. 5 zutreffend! Trotz aller schtrong Reissleine-Ziehen-Empfehlung von D-Börsenbrief-Schreiberlingen!

Man sieht, dass es der ganzen Bransche eine Kleinigkeit hilft.

Dieser Hinweis war super verglichen mit dem, was wir bei Sigmatel erfahren haben! Auf Empfehlungen von Forbes kann man gut verzichten.

[richard100]

Danke fürs Kompliment. War selber überrascht.
Hätte nach der Zinserhöhung eher mit Kursverlusten gerechnet.

Habe da auch ein gewisses Klumpenrisiko. Bin in NFI, IMH und NEW drinnen. Aber die Dividenderendite entschädigt für das Risiko.
Liegenlassen und kassieren heisst die Devise.
Gruss Rich

Rich schreibt:
"gute News. NEW heute up 10%"

Bad News, habe zuwenig von denen.

So läuft es schief, wenn man unbewusst den Tiefstpunkt erwischt!

Dann gibt's keinen Zukauf.

Lancelot

[richard100]

Hallo Lancelot
Das mit dem Tiefstpunkt ist eben so eine Sache. Hört sich einfach an.. Und das mit dem fallenden Messer ist auch so ein dummer Spruch. Wer sagt mir denn, wann das Messer am Boden ist, und ob es nicht wieder zurückspickt...
Habe so auch denn Kauf von KABN, RDSA verpasst . Und nachspringen mag man dann auch nicht mehr.
Denke am besten ist es, wenn man von einem Titel überzeugt ist, einsteigen, ohne wenn und aber.
Gruss Rich

NEW ist neulich gut gestiegen. Denke an Verkauf bei $50.

Ex-Dividend-Datum ist 29. März ($1.75 brutto).

Lancelot

[richard100]

Wäre vielleicht auch mal eine Investition wert.
Starke Div. Rendite.
Gruss Rich

New Century Financial Corporation Reports Second Quarter 2006 Results



- Board Declares Third Quarter Dividend of $1.85 per Share -

- Company Reaffirms 2006 Dividend Guidance of $7.30 per Share -

IRVINE, Calif., August 3 /PRNewswire-FirstCall/ -- New Century Financial Corporation (NYSE: NEW), a real estate investment trust (REIT) and parent company of one of the nation's premier mortgage finance companies, today reported results for the three and six months ended June 30, 2006.

Second Quarter 2006 Results and Highlights
* Earnings-per-share (EPS) of $1.81
* REIT taxable income(1) per share of $1.40
* Total mortgage loan production of $16.2 billion; total loan production
for July 2006 of approximately $5.3 billion
* Non-prime net operating margin increased to 1.01 percent
* Non-prime loan acquisition costs (LAC) decreased to 1.51 percent
* Prime/Alt-A platform achieved profitability
* After-tax return on equity(2) was 19.8 percent
* Board declared third quarter dividend of $1.85 per share
* Reaffirmed 2006 dividend guidance of $7.30 per share
* Chief Financial Officer Patti M. Dodge to transition to newly created
executive role when successor is in place

"Our second quarter results are evidence of the strength and stability of our franchise," said Brad A. Morrice, President and Chief Executive Officer. "We achieved the second highest quarterly loan production volume in our history, while substantially improving our operating margin over the first quarter in a challenging environment. As a result, our second quarter net earnings were $105.5 million, or $1.81 per share, an 11 percent increase in net earnings compared with the second quarter of 2005. These results are particularly impressive considering that we only sold or securitized 82 percent of the loans we originated in the second quarter, increasing loans held for sale by $3.0 billion. These loans are covered by forward sales commitments with premiums in excess of 102, so we expect to realize the related earnings in the third quarter."

(1) REIT taxable income is a non-GAAP financial measure within the meaning
of Regulation G promulgated by the Securities and Exchange Commission.
A reconciliation of REIT taxable income to the most directly
comparable GAAP financial measure is set forth in the table attached
as Schedule 1 to this press release.
(2) See Schedule 2 attached to this press release for an explanation of
the methodology used for calculating after-tax return on equity.

Mortgage Loan Portfolios
During the second quarter of 2006, the company completed $1.7 billion in securitizations structured as financings at the REIT level, including the company's first Alt-A loan securitization of $0.5 billion and a $1.2 billion securitization of non-prime product. "The Alt-A transaction enhanced our secondary market execution and diversified our REIT portfolio of mortgage loans with a new asset class," said Kevin M. Cloyd, President of NC Capital Corporation, the company's secondary marketing subsidiary.

At June 30, 2006, the balance of the mortgage loan portfolio was $16.0 billion. The allowance for losses on loans held for investment was $209.9 million, representing 1.31 percent of the unpaid principal balance of the portfolio. This compares with 0.79 percent of the unpaid principal balance of the portfolio at June 30, 2005 and 1.30 percent of the portfolio at March 31, 2006. Delinquency rates as of June 30, 2006 in the company's portfolio continue to be significantly lower than historical experience. The company's 60-plus day delinquency rate as of June 30, 2006 was 4.61 percent compared with 4.50 percent in the previous quarter. The company's 2005 and 2006 vintages are experiencing more normalized delinquency trends than the 2003 and 2004 vintages, which have performed exceptionally well when compared with historical experience. "We are comfortable with our current loan loss reserve levels, which take into consideration not only normal portfolio seasoning but also our higher cumulative loss expectations for the newer vintages," said Patti M. Dodge, Executive Vice President and Chief Financial Officer.

REIT portfolio income declined to $52.0 million in the second quarter of 2006 compared with $83.3 million in the first quarter. REIT portfolio income was $79.2 million in the second quarter of 2005. The sequential decrease in REIT portfolio income is primarily the result of a lower return-on-assets ("ROA") in the second quarter when compared to the first quarter. ROA declined to 1.49 percent in the second quarter from 2.34 percent in the first quarter as a result of a decrease in interest spread attributable to portfolio seasoning and the expected spread compression that comes with such seasoning. In addition, the company's shift in 2006 to embedding swaps in its securitization transactions, which results in a more level yield over the life of the transaction, also led to a decrease in interest spread. Lower prepayment income, hedge re-balancing gains and income from hedge ineffectiveness and other derivative instruments also had a significant impact on ROA.

Mortgage Loan Production by Channel -- Non-Prime, Prime and Alt-A

The company originates and purchases mortgage loans through two channels - Wholesale and Retail. The Wholesale channel originates and purchases mortgage loans through a network of independent mortgage brokers and correspondent lenders solicited by its Account Executives. The company's Retail channel originates mortgage loans directly through its 246 branch offices and its central telemarketing unit, as well as through relationships that are referred or solicited through builders and realtors.

Total Mortgage Loan Production

Total mortgage loan production for the second quarter of 2006 was $16.2 billion, a 20 percent increase over the same period a year ago and a 21 percent increase over the first quarter of 2006. Excluding the prime and Alt- A loan origination platform that was acquired in the third quarter of 2005, second quarter loan production increased 5 percent year-over-year. For the quarter, the company's Wholesale channel originated $13.8 billion of mortgage loans and the Retail channel originated $2.4 billion. "We are pleased with the second quarter's strong loan production volume, which resulted from modest growth in our core non-prime product coupled with the addition of our Prime and Alt-A products," said Mr. Morrice. "Additionally, we introduced a new credit grade during the quarter that serves borrowers with qualifications between Alt-A and non-prime. We believe this AAA credit grade is rapidly gaining acceptance in the market place."

Total mortgage loan production for July 2006 was approximately $5.3 billion, including $4.6 billion of Wholesale mortgage loan production and $0.7 billion of Retail mortgage loan production. This compares with $4.6 billion for July 2005.

TRS Operating Results -- Non-Prime

Gain-on-Sale

In the second quarter of 2006, the company sold $10.3 billion of non-prime loans, or 73 percent of the quarter's non-prime production, at a gross premium of 2.31 percent and a net gain-on-sale of 2.10 percent. Second quarter net gain-on-sale increased by 43 basis points compared with 1.67 percent for the first quarter as a result of improved secondary market execution, which was primarily driven by a higher weighted average coupon on the company's loans, a more favorable product mix and stronger secondary market appetite, partly offset by increases in swap rates that outpaced coupon growth. Additionally, second quarter net gain-on-sale included 9 basis points of unanticipated hedging gains.

Loan Acquisition Costs (LAC)

Second quarter 2006 LAC was 1.51 percent compared with 1.66 percent in the previous quarter. The 15 basis point decline was primarily a result of the operating expense component of LAC declining 17 basis points, slightly offset by a modest increase in the points and fees component.

"In the current environment, we believe it is becoming increasingly important to be a low-cost originator," continued Ms. Dodge. "Our record low LAC of 1.51 percent is evidence of our ability to use our size and scale to increase efficiencies and leverage fixed costs, which we believe is a distinct competitive advantage. I'm pleased that during a quarter in which loan production increased 22 percent, our cost controls kept expense growth to only 11 percent compared with the first quarter of 2006."

LAC is a non-GAAP financial measure within the meaning of Regulation G promulgated by the Securities and Exchange Commission. A reconciliation of LAC to the most directly comparable GAAP financial measure is set forth in the table attached as Schedule 3 to this press release.

Net Operating Margin

The company's net operating margin for its non-prime loans improved to 1.01 percent in the second quarter of 2006 from 50 basis points in the first quarter of 2006. "We are proud to have made such a significant improvement in our non-prime net operating margin this quarter," said Ms. Dodge. "We will continue to focus on reducing our LAC, but expect our operating margins to be negatively impacted on a go-forward basis by as much as 10 basis points as a result of the recent Standard and Poor's ABS model changes."

TRS Operating Results -- Prime and Alt-A

In the second quarter of 2006, the company closed $2.1 billion in loans through its prime and Alt-A mortgage loan origination platform and acted as a broker for an additional $0.2 billion to third parties. The company has provided the gain-on-sale, LAC and net operating margin of these operations in tables set forth later in this press release.

"Consistent with our projections, our prime and Alt-A business became profitable in the second quarter and reported a net operating margin of 53 basis points," said Mr. Morrice. "This quarter's net operating margin was higher than we anticipated as a result of hedging gains and pair-off fees. A more typical net operating margin for our prime and Alt-A platform is expected to be in the range of 15 to 20 basis points."

Stock Repurchase Program

The company repurchased 551,800 shares of its common stock during the second quarter of 2006 at an average price of $45.56 per share for an aggregate amount of $25.1 million. Under its current stock repurchase program, the company has repurchased more than 1.4 million shares of its common stock in the aggregate, at an average price of $38.17 per share. The company has authority to repurchase an additional 3.6 million shares under the current program.

Future stock repurchases may be made on the open market or through block trades in accordance with applicable laws. The number of shares to be purchased and the timing of the purchases will be based upon the level of the company's cash balances, general business conditions and other factors including alternative investment opportunities. The company reserves the right to terminate, reduce or increase the size of the stock repurchase program at any time.

Dividend

The company's Board of Directors declared a $1.85 per share dividend on its common stock for the third quarter of 2006. This dividend reflects a $0.05 per share increase from the prior quarter and is the seventh consecutive increase in the dividend since the company elected to become a REIT in the fourth quarter of 2004. The third quarter dividend will be paid on October 31, 2006 to stockholders of record at the close of business on September 29, 2006 and the ex-dividend date is September 27, 2006. The declaration of any future dividends will be subject to the company's earnings, financial position, capital requirements, contractual restrictions and other relevant factors.

"The earnings from the current REIT portfolio, plus an estimated $1.88 per share carry-over of REIT taxable income from 2005, coupled with additions to the REIT portfolio and potential TRS contributions, gives us confidence that we will achieve our 2006 dividend guidance of $7.30 per share," said Mr. Morrice.

Outlook

"Our year-to-date results reflect the benefits of our combined REIT portfolio and TRS operations model, solid execution of our business plan and the overall strength and stability of our franchise. Looking forward, we feel that the environment will continue to favor mortgage lenders like New Century that have significant operating scale and low expense structures. As a result, we have continued confidence in our ability to deliver strong future performance and create per share value for our stockholders," said Mr. Morrice.

Chief Financial Officer Transition

Ms. Dodge has decided to transition from Chief Financial Officer to a newly created role, primarily focused on investor communications. In her new capacity, Ms. Dodge will focus on transforming the Investor Relations function to a more strategic role in order to more effectively increase shareholder value. She will continue to report to Mr. Morrice and the Investor Relations department will continue to report to her. She will remain an Executive Vice President of the company and a member of the executive management team, maintaining a key role in the strategic business decisions of the company. The company has retained an executive search firm and a nationwide search for her successor is currently underway. Ms. Dodge will continue in her current role until her successor is in place.

"Patti is a key member of our executive management team and we are pleased that she will continue to contribute her financial expertise and strategic thinking in this new capacity," said Mr. Morrice. "We are also enthusiastic about the opportunity to both strengthen our Investor Relations function and expand our overall management team. We expect the transition between chief financial officers to be seamless."

Results Conference Call and Webcast Information

The company will host a conference call today at 8:00 a.m. PDT to discuss its second quarter 2006 results. To participate on the call, dial (866) 203-3206 or (617) 213-8848 and use passcode 39890835. The accompanying slide presentation will be available on the Investor Relations section of the company's Web site at http://www.ncen.com before the call under "Second Quarter 2006 Earnings Event." A replay of the call will be available from 12:00 p.m. PDT on August 3, 2006 through 12:00 p.m. PDT on August 10, 2006. The replay number is (88 286-8010 or (617) 801-6888 and the passcode is 35115710. Additionally, the call will be webcast live and archived on the Investor Relations section of the company's Web site at http://www.ncen.com .

About New Century Financial Corporation

Founded in 1995 and headquartered in Irvine, California, New Century Financial Corporation is a real estate investment trust and one of the nation's premier mortgage finance companies, providing mortgage products to borrowers nationwide through its operating subsidiaries, New Century Mortgage Corporation and Home123 Corporation. The company offers a broad range of mortgage products designed to meet the needs of all borrowers. New Century is committed to serving the communities in which it operates with fair and responsible lending practices. To find out more about New Century, please visit http://www.ncen.com .

As of June 30, 2006, New Century originated loans through 246 sales offices operating in 35 states and 33 regional processing centers operating in 19 states and employed approximately 7,100 Associates.

Safe Harbor Regarding Forward-Looking Statements

Certain statements contained in this press release may be deemed to be forward-looking statements under federal securities laws and the company intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, but are not limited to: (i) the company's expectation that it will receive in the third quarter of 2006 the earnings from the sale of loans currently held for sale that were originated in the second quarter 2006; (ii) the company's cumulative loss expectations for its mortgage loan portfolio; (iii) the company's intention that it will continue to focus on its loan acquisition costs (LAC); (iv) the company's expectation that its operating margins will be negatively impacted on a go-forward basis by as much as 10 basis points as a result of the recent Standard and Poor's ABS model changes; (v) the company's projection that a typical net operating margin for its prime and Alt-A platform is 15 to 20 basis points; (vi) the company's expectation that future stock repurchases may be made on the open market, through block trades or in privately negotiated transactions; (vii) the company's expectation that the number of shares to be purchased and the timing of future purchases will be based on the level of the company's cash balances, general business conditions and other factors including alternative investment opportunities; (viii) the company's right to terminate, reduce or increase the size of the stock purchase program at any time; (ix) the company's expectation that its third quarter dividend will be paid in the amount of $1.85 per share on October 31, 2006 to stockholders of record at the close of business on September 29, 2006; (x) the company's expectation that the declaration of any future dividends will be subject to the company's earnings, financial position, capital requirements, contractual restrictions and other relevant factors; (xi) the company's belief that the earnings from its current REIT portfolio, plus an estimated $1.88 per share carry-over of REIT taxable income from 2005, coupled with additions to the REIT portfolio and potential TRS contributions, gives the company confidence that it will achieve its 2006 dividend guidance of $7.30 per share; (xii) the company's expectation that the environment will continue to favor mortgage lenders like the company that have significant operating scale and low expense structures; (xiii) the company's belief that it will be able to deliver strong future performance and create per share value for its stockholders; and (xiv) the company's expectation that the transition between chief financial officers will be seamless. The company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements. Such factors include, but are not limited to: (i) the condition of the U.S. economy and financial system; (ii) the interest rate environment; (iii) the effect of increasing competition in the company's sector; (iv) the condition of the markets for whole loans and mortgage-backed securities; (v) the stability of residential property values; (vi) the company's ability to comply with the requirements applicable to REITs; (vii) the impact of more vigorous and aggressive enforcement actions by federal or state regulators; (viii) the company's ability to grow its loan portfolio; (ix) the company's ability to continue to maintain low loan acquisition costs; (x) the potential effect of new state or federal laws and regulations; (xi) the company's ability to maintain adequate credit facilities to finance its business; (xii) the outcome of litigation or regulatory actions pending against the company; (xiii) the company's ability to adequately hedge its residual values, cash flows and fair values; (xiv) the accuracy of the assumptions regarding the company's repurchase allowance and residual valuations, prepayment speeds and loan loss allowance; (xv) the assumptions underlying the company's risk management practices; (xvi) the ability of the servicing platform to maintain high performance standards; and (xvii) the execution of its forward loan sales commitments. Additional information on these and other factors is contained in the company's Annual Report on Form 10-K for the year ended December 31, 2005 and the other periodic filings of the company with the Securities and Exchange Commission. The company assumes no, and hereby disclaims any, obligation to update the forward-looking statements contained in this press release.



NEW CENTURY FINANCIAL CORPORATION
Unaudited Condensed Consolidated Statements of Earnings
(Dollars in thousands, except per share data)

Three Months Ended Six Months Ended
June 30, June 30,
2006 2005 (1) 2006 2005 (1)
Interest income $501,114 $420,861 $964,116 $751,932
Interest expense (361,111) (218,555) (644,324) (380,636)
Net interest income 140,003 202,306 319,792 371,296
Provision for losses on mortgage
loans (32,325) (36,875) (60,150) (67,113)
Net interest income after
provision for losses 107,678 165,431 259,642 304,183
Other operating income:
Gain-on-sale of mortgage loans 195,160 110,604 324,687 233,556
Servicing income 14,012 6,631 29,654 13,353
Other income(2) 24,961 3,398 39,592 7,271
Total other operating income 234,133 120,633 393,933 254,180
Operating expenses:
Personnel 126,922 119,961 243,643 231,683
General and administrative 55,113 42,324 112,588 84,099
Advertising and promotion 13,851 20,711 26,554 40,543
Professional services 11,103 9,677 20,293 17,483
Total operating expenses 206,989 192,673 403,078 373,808
Earnings before income taxes 134,822 93,391 250,497 184,555
Income taxes 29,279 (1,68 41,219 4,716
Net earnings 105,543 95,079 209,278 179,839
Dividends paid on preferred stock 2,567 285 5,133 285
Net earnings available to
common stockholders $102,976 $94,794 $204,145 $179,554
Basic earnings-per-share $1.85 $1.71 $3.67 $3.26
Diluted earnings-per-share $1.81 $1.65 $3.59 $3.13

Basic weighted average shares
outstanding 55,785 55,376 55,653 55,079
Diluted weighted average shares
outstanding 56,936 57,396 56,816 57,332

(1) Certain amounts from the prior year's presentation have been
reclassified to conform to the current year's presentation.
(2) For the quarter ended June 30, 2006, other income consisted primarily
of $4.1 million related to hedge ineffectiveness, $17.7 million
related to rebalancing gains, and $3.2 million related to the
company's investment in Carrington Investment Partners, LP and
Carrington Capital Management, LLC (collectively, "Carrington"). For
the quarter ended June 30, 2005, other income consisted primarily of
$2.2 million related to the company's investment in Carrington. For
the six months ended June 30, 2006, other income consisted primarily
of $9.0 million related to hedge ineffectiveness, $24.2 million
related to rebalancing gains and $6.3 million related to the company's
investment in Carrington. For the six months ended June 30, 2005,
other income consisted primarily of $4.8 million related to the
company's investment in Carrington.

Unaudited Condensed Consolidated Balance Sheet Data
(in thousands, except per share data)

June 30, December 31, June 30,
2006 2005 2005

Cash and cash equivalents (1) $ 364,232 $503,723 $ 569,153
Restricted cash 733,816 726,697 736,259
Mortgage loans held for
sale, net 9,303,086 7,825,175 5,989,211
Mortgage loans held for
investment, net 15,905,636 16,143,865 18,482,990
Residual interests in
securitizations 209,335 234,930 145,563
Other assets 809,294 712,700 508,804
Total assets $27,325,399 $26,147,090 $26,431,980

Credit facilities on mortgage
loans held for sale $8,786,300 $7,439,685 $5,627,207
Financing on mortgage loans
held for investment, net 15,794,335 16,045,459 18,343,545
Convertible senior notes, net - 4,943 4,919
Other liabilities 606,459 547,303 455,255
Total stockholders' equity 2,138,305 2,109,700 2,001,054
Total liabilities and
stockholders' equity $27,325,399 $26,147,090 $26,431,980
Book value per share
(diluted) (2) $35.65 $35.17 $34.95

(1) Cash and liquidity, which includes available borrowing capacity, was
$409.4 million ($166.0 million at the REIT, $243.4 million at the TRS)
at June 30, 2006, $530.4 million ($306.2 million at the REIT, $224.2
million at the TRS) at December 31, 2005 and $750.9 million ($408.2
million at the REIT, $342.7 million at the TRS) at June 30, 2005.
(2) Book-value-per-share is calculated using the period-end total common
equity plus convertible debt, excluding preferred equity, and dividing
by the quarters' fully-diluted share count.


REIT Mortgage Loan Portfolio Vintage Data at June 30, 2006
(in thousands)
2006 (1) 2005 2004 2003 Total

Initial
collateral
pool $3,393,531 $10,961,957 $8,431,735 $1,137,894 $23,925,117
Current
collateral
pool $3,303,455 $ 7,180,094 $3,391,438 $208,313 $14,083,300
Delinquency
(60+ days) 0.49% 5.30% 6.30% 15.37% 4.62%
Cumulative
losses-to-date 0.01% 0.10% 0.27% 0.65% 0.17%
Projected
cumulative
losses over
life 3.30% 2.83% 2.26% 1.50% 2.64%
Weighted average
life in years 2.33 2.02 1.97 1.84 2.03
Weighted average
FICO score 642 627 632 599 631

(1) The 2006 data include the impact of the $0.3 billion second lien only
securitization executed in the first quarter.


TRS Mortgage Loan Portfolio Vintage Data at June 30, 2006
(in thousands) 2004 2003 Total

Initial collateral pool $1,679,397 $3,808,887 $5,488,284
Current collateral pool $957,161 $964,742 $1,921,903
Delinquency (60+ days) 2.70% 6.34% 4.56%
Cumulative losses-to-date 0.13% 0.44% 0.35%
Projected cumulative
losses over life 1.50% 1.04% 1.22%
Weighted average life in years 3.17 2.54 2.75
Weighted average FICO score 672 657 664

sali rich

habe diese aktie, die dividende macht brutal freude. wenn du das ding bei 40 dollar bekommst hau zu, bin mir fast sicher, dass 40 nicht nachhaltig unterschritten werden. dafür kann man sie bei kursen um 47-48 eigentlich geben, habe noch nie etwas höheres erlebt mit NEW.

Gruess
Cupra

PS. Die Frage ist halt immer, was macht der USD aber scheint sich auch beruhigt zu haben.

[richard100]

[quote="Cupra"]sali rich

habe diese aktie, die dividende macht brutal freude. wenn du das ding bei 40 dollar bekommst hau zu, bin mir fast sicher, dass 40 nicht nachhaltig unterschritten werden. dafür kann man sie bei kursen um 47-48 eigentlich geben, habe noch nie etwas höheres erlebt mit NEW.

Gruess
Cupra

Hallo Cupra,
Sind schon bald zu haben bei 40$
Gruss Rich

[richard100]

Habe heute eine erste Tranche PFE verkauft (27.60$)um Cash zu generieren.
Damit gekauft eine 1. Tranche NEW. ( 38$) Ende Monat ist ex Div. einer üppigen Div.

Gruss Rich

Financial Information

Second Quarter 2006 Results and Highlights

Earnings-per-share (EPS) of $1.81
REIT taxable income[1] per share of $1.40
Total mortgage loan production of $16.2 billion; total loan production for July 2006 of approximately $5.3 billion
Non-prime net operating margin increased to 1.01 percent
Non-prime loan acquisition costs (LAC) decreased to 1.51 percent
Prime/Alt-A platform achieved profitability
After-tax return on equity[2] was 19.8 percent
Board declared third quarter dividend of $1.85 per share
Reaffirmed 2006 dividend guidance of $7.30 per share
Chief Financial Officer Patti M. Dodge to transition to newly created executive role when successor is in place

[cybercrash]

Das ist so ein Hinweis, den man mit einer Forumsgebühr entschädigen sollte! Es gibt leider sehr wenige derart professionelle, ehrliche, glaubwürdige und kompetente Trader auf dieser Plattform. Ich zähle etwa 6 und es sind immer die Gleichen, die etwas Brauchbares posten! Ich sehe, dass zwar die Userinnen- und Userzahl beeindruckend gestiegen ist, die Qualität, die diese Plattform ausmacht, wird von ganz Wenigen getragen!