The addition of subprime mortgage behemoth New Century Financial Corp. to the growing queue of bankrupt subprime lenders has a number of home equity ABS investors wondering where, exactly, issuance is going to come from this year.

New Century originated $12.2 billion in subprime mortgages in the last quarter of 2006, placing it a mere $103 million behind then-number one ranked subprime lender HSBC Finance, according to ASR sister publication National Mortgage News.

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