Like so much of this housing bubble, everyone knew what was coming next. Everyone knew that New Century Financial would file for Chapter 11 bankruptcy protection. On Monday, it sent the papers to the Delaware bankruptcy court. The forlorn subprime lender announced that it had a $100 million hole in its balance sheet.

Sadly, over 3,200 employees have lost their jobs as a result of the lax lending standards and poor management at New Century. Let us all hope and pray that all former New century employees find work soon.