New Century Financial's (NYSE:NEW) post-close press release last night set a pretty low standard for straight talk.

The meat of the release was this: New Century won't be originating loans because it doesn't have the money to do so. But investors with a short attention span might have missed that crucial missive, because it came seven paragraphs deep.

What made it above the fold, into paragraph No. 2, was a fluffy description of New Century's dedication to its "mission."

More and more, that looks like a mission impossible. Too bad the brass at New Century can't just take a page from D.R. Horton (NYSE:DHI) and admit the obvious, in words that really convey the reality: 2007 is going to be pretty "sucky" for New Century, as it will for Novastar Financial (NYSE:NFI), Hovnanian Enterprises (NYSE:HOV), and likely Pulte (NYSE:PHM), Centex (NYSE:CTX), Lennar (NYSE:LEN), and the rest of the housing crowd.

I wish more of them would just tell it like it is, despite the comical gripers at CNBC who think otherwise.

Comments? Bring them here.

At the time of publication, Seth Jayson had no positions in any company mentioned here. See his latest blog commentary here. View his stock holdings and Fool profile here. Fool rules are here.