Items Tagged with 'NovaStar Financial'

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  • Questions Remain at NovaStar

    (Update 1: clarifies questions outlined in firm's SEC filing) NovaStar Financial, the one-time mega subprime lender, is continuing to face questions about its future, according to a 10-K filed Wednesday with the Securities and Exchange Commission.
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  • NovaStar Acquires Appraisal Management Company

    NovaStar Financial, Inc. said Thursday that it had acquired a majority interest in Indianapolis-based residential appraisal management company PipeFire, LLC. Going forward, the business will operate under the name StreetLinks National Appraisal Services, with offices in Indianapolis and Kansas City.
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  • Mortgage REIT Insider: Chimera Gets a Lesson on Leverage

    Earlier this year, Chimera Investment Corp. [stock CIM][/stock] bit off more than it could chew, and indigestion finally set in this past week. I wondered back in March if Chimera was quietly struggling to stay afloat after leveraging up at just the wrong time -- it had quadrupled its reliance on repurchase lines just as competitor MFA Mortgage [stock MFA][/stock] was selling assets to de-lever its balance sheet.
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  • NovaStar CEO, CFO Head for the Exits

    Once high-flying subprime specialist NovaStar Financial, Inc., reeling from a $598 million loss in the third quarter and struggling to stay solvent, will face its future without its current CEO and CFO.
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  • NovaStar Reports Third Quarter Loss of $598 Million

    Novastar Financial, once a high-flying subprime lending operation counted among the nation's largest, reported Wednesday a net loss of $598 million for the third quarter and said that bankruptcy was a possibility. The loss compares to income of $25.3 million in the year-ago period.
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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    (November 8, 2007) -- Moody's Investors Service has withdrawn the servicer quality rating of NovaStar Mortgage, Inc. as a primary servicer of subprime loans.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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  • Saxon Mortgage to Buy Servicing Rights From NovaStar

    Troubled subprime lender NovaStar Financial, Inc. said late today that it will sell its entire servicing rights to Saxon Mortgage Services, Inc. in a bulk deal that pulls the rug out of NovaStar's sizeable servicing operation. The deal will see NovaStar's servicing rights sold for roughly $175 million in cash, and will lead to "substantial reductions in both its organization and workforce," the Kansas City-based mortgage company said. Novastar employs 300 in its servicing operations.
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