Bankruptcy Court Report Takes on Failed New Century Lender Including Role of Their Auditor.

NYT story HERE about late February Bankruptcy Court ordered report on failed sub prime lender New Century Financial including role that their auditor [KPMG] played. 

Story says auditor sanctioned questionable accounting practices including [how New Century]  ".. lowered its reserves for loans that investors were forcing it to buy back even as such repurchases were surging. Had it not changed its accounting, the company would have reported a loss rather a profit in the second half of 2006."

(Link to 580 page PDF report itself can be found within the story).