Asset-backed CP outstandings have rebounded in the first two weeks of March, totaling $715 billion as of last Wednesday, according to data maintained by the Federal Reserve. This follows two and a half months of declines, in which outstandings went from over $720 billion in January to just over $700 billion to close February.
New Century Financial Corp. has promoted Patti Dodge and Kevin Cloyd to executive vice presidents of the company. Dodge, who will maintain her role as chief financial officer of subsidiary New Century Mortgage Corp., is responsible for the strategic planning of all financial functions. Cloyd, who also serves as president of secondary marketing unit NC Capital Corp., is responsible for all secondary marketing related activities including whole loan sales, securitization strategies and transactions, warehouse line management, and pipeline and hedging management.