New Century Votes for REIT Conversion

New Century Financial Corp., a subprime mortgage lender based in Irvine, Calif., has reported that its board of directors has voted to convert the company into a real estate investment trust.The company said several factors figured in the decision, including tax efficiency and the potential for increased growth and shareholder return. The decision is subject to final board approval of legal, accounting, and financial details and to shareholder approval. New Century can be found online at http://www.ncen.com.