Three former executives of Plaza Home Mortgage Bank and one from Long Beach Mortgage have joined forces to form a new company, New Century Financial Corp., that will specialize in originating home loans to people with blemished credit records.

They are Robert K. Cole and Brad Morrice, who were co-presidents at Plaza; Edward F. Gotschall, former chief operating officer of Plaza; and Steve Holder, who had been Long Beach's executive vice president.

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