What to do if Your Lender Goes for Broke

New Century Financial filed for bankruptcy this week, and the after shock of sub-prime lending is being felt across the country.  So if your lender goes belly up, where do you send your checks?  CNN Money Magazine has good advice.

Like many lenders, New Century originates loans, many of which are later serviced by other banks. It’s estimated that New Century is servicing $30 billion of some $130 billion loans it originated in the past two-and-a-half years, according to Bose George, an equity analyst at Keefe, Bruyette & Woods. As a result, only about a quarter of New Century borrowers may see any difference.

And now for the rest of the story.

Next Stop, Dulles Airport

Virginia transportation officials announced an agreement yesterday with a private contractor to begin construction of Metro’s expansion to Dulles International Airport next spring, delivering a possibly fatal blow to a group of Northern Virginia residents and businesses who had sought to change the plan so that the elevated segment through Tysons Corner would run underground.

The deal, struck by the Virginia Department of Rail and Public Transportation and Dulles Transit Partners, a construction consortium headed by Bechtel Inc., concluded weeks of contentious closed-door negotiations to contain the cost of the project so that it would qualify for federal money. Talks stalled so seriously at one point that state officials set an April 5 deadline.

Read the rest here.