NovaStar Financial Company Description
NovaStar Financial is forging a new life for itself -- one with as little to do with subprime mortgages as possible. The firm bought, originated, serviced, and securitized subprime mortgages until that sector experienced its own flameout. Like many other lenders, NovaStar was burned as interest rates rose and marginal borrowers increasingly defaulted on their payments. It sold its servicing rights to Morgan Stanley in 2007, stopped writing new loans, sold the bulk of its loan portfolio, and cut most of its workforce. NovaStar is searching for better opportunities in the residential market. In 2008 it acquired a 75% stake in property appraisal firm PipeFire, now StreetLinks National Appraisal Services.
View the Comprehensive Company Description for NovaStar Financial
The Company Description provides a historical perspective of NovaStar Financial's organization from inception to current status.
Produced by Hoover's in-house editorial team, the Company Description tracks ownership transitions, company progress via mergers and acquisitions, major growth milestones, and strategic initiatives, to provide a holistic view of NovaStar Financial's evolution in the marketplace.
