by Calculated Risk on 3/12/2007 11:04:00 AM

From CNNMoney: Embattled subprime lender says its lenders are cutting off financing; faces $8.4 billion in obligations.

Embattled mortgage lender New Century Financial Corp. warned Monday of a series of serious financial problems that cast its future in doubt - and cast a pall over much of the nation's financial sector.

The Irvine, Calif.-based company, No. 2 in lending to borrowers with weak credit, said that all of its own lenders are cutting off financing, that it has been found in default of many of its financial agreements, and that it does not have the funds necessary to meet its obligations under current circumstances.

New Century Financial detailed a new series of financial problems in a filing with the Securities and Exchange Commission early Monday.

In addition, the company said it does not expect to meet the March 16 extension for filing a 10-K annual financial report with the Securities and Exchange Commission.

Here is the SEC filing.