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New Century to Buy Back Common Shares

New Century Financial Corp. said its board authorized the company to repurchase up to 250,000 shares of its common stock over the next twelve months at a maximum price of $3.5 million.

The Irvine company, which specializes in mortgage loans to borrowers with less-than-stellar credit ratings, said it may use the stock for such purposes as the company’s stock option program and an employee stock purchase program. New Century’s stock closed Thursday at $11.81 cents a share, up 19 cents.


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