This is all too fast....

"substantial doubt exists as to the company's ability to continue as a going concern." -Marketwatch quotes NEW's auditor. NEW has only received waivers for new loans from 6 of 11 lenders, and will close if they are not able to secure additional funds.

I must admit, I am astonished at the speed and ferocity with which the subprime market has been hit. A self-reinforcing cycle is a scary thing to behold.