Items Tagged with 'NovaStar Mortgage Inc.'


  • Deutsche Bank, RBS, Wells Fargo settle for $165 million over NovaStar mortgages

    Union pension funds to receive payment in class action suit
    Deutsche Bank, Royal Bank of Scotland, and Wells Fargo reached a $165 million settlement in class action lawsuit brought by pension funds over faulty crisis-era mortgages originated NovaStar Mortgage, the plaintiffs' attorneys announced on Wednesday. If approved by judge, the settlement would bring a nine-year legal battle to a close.
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  • Moody's Withdraws Novastar's SQ Rating

    (November 8, 2007) -- Moody's Investors Service has withdrawn the servicer quality rating of NovaStar Mortgage, Inc. as a primary servicer of subprime loans. This rating action is done at the request of the company.
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  • Fitch Drops Servicer Ratings on AMC; Eyes NovaStar for Downgrade

    Fitch Ratings said late yesterday that it has downgraded AMC Mortgage Services, Inc.'s servicer ratings in light of operating difficulties at the subprime giant and growing concern over Citi's willingness to provide continued liquidity to the organization. The rating agency also said AMC was placed on Rating Watch Negative for possible additional downgrades. Fitch also said it had placed fellow subprime lender NovaStar Financial's servicer on Rating Watch Negative, expressing concern that emerging funding difficulties at the lender could present a threat to servicer stability.
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