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Seeking Alpha (Free subscription) | 07/14/2008
Mike Stathis submits: On Friday, IndyMac (IMB) joined the long and growing list of bankrupt mortgage companies (Accredited Home Lenders, Novastar Financial, Fremont General and dozens of others) that have been taken down by what has already surpassed mortgage and bank losses of the Savings & Loan Crisis. While Indy marks only the sixth bank failure since the official start of the banking-real estate...
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The Kansas City Business Journal (Free subscription) | 07/09/2008
A new class-action lawsuit filed against NovaStar Financial Inc. alleges that the company and its officers mishandled their responsibilities for overseeing the employee retirement plan when they invested heavily in NovaStar's stock.
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Callahan's Cleveland Diary (Free subscription) | 07/02/2008
A great piece by Charu Gupta in the new (and close to last) Free Times. A former account executive for the nearly bankrupt Novastar Financial Inc. and a former mortgage broker at the now-defunct Equity Consultants, an independent mortgage brokerage firm once in Richfield, spoke to the Free Times on the condition of anonymity. Both continue [...]
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The Kansas City Business Journal (Free subscription) | 06/25/2008
A NovaStar Financial Inc. shareholder has sued several of the company's top officers, claiming the subprime mortgage lender violated basic accounting principals and made the company's loan portfolio look creditworthy when it wasn't.
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kansascity.com (Free subscription) | 06/25/2008
A shareholder of subprime lender NovaStar Financial Inc. sued the company's six directors Tuesday, alleging they were responsible for issuing false and misleading statements about NovaStar's financial condition.
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The Kansas City Business Journal (Free subscription) | 06/06/2008
Finally, some good news for NovaStar Financial Inc.: A federal judge in the Western District of Missouri has dismissed a securities class-action lawsuit against the company.
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kansascity.com (Free subscription) | 06/06/2008
NovaStar Financial Inc. on Thursday drew closer to bankruptcy after a lender accelerated its loan and declared $51 million in obligations immediately due and payable.
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The Kansas City Business Journal (Free subscription) | 06/05/2008
NovaStar Financial Inc., which defaulted in March and April on a credit agreement with JPMorgan Chase bank, received notification that the creditor will seek legal remedies available to it, which NovaStar said could cause it to file bankruptcy.
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kansascity.com (Free subscription) | 05/21/2008
One-time subprime mortgage lender NovaStar Financial Inc. posted a first-quarter loss of $286 million, or $30.63 cents a share. That compared with a $44.4 million profit, or $4.74 a share, a year earlier.
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The Kansas City Business Journal (Free subscription) | 05/20/2008
Citing a continued "challenging environment in the mortgage industry" in the first quarter, NovaStar Financial Inc. reported a loss of almost $286 million for the period.
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kansascity.com (Free subscription) | 05/14/2008
One-time subprime lender NovaStar Financial Inc., which has been teetering on the brink of insolvency, has improved its finances by paying off short-term loans it had with Wachovia Bank.
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The Kansas City Business Journal (Free subscription) | 05/13/2008
NovaStar Financial Inc. has repaid all outstanding debt it owed to Wachovia Bank.
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kansascity.com (Free subscription) | 05/13/2008
NovaStar Financial Inc. reported today that it had ended its short-term borrowing agreements with Wachovia Bank, paying off $4.4 million in outstanding loans and interest and $60,000 in expenses.
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kansascity.com (Free subscription) | 04/22/2008
The flameout of NovaStar Financial has rippled through Kansas City and beyond, putting 2,000 employees out of work, incinerating billions of dollars in investor holdings and dislocating countless subprime borrowers.
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kansascity.com (Free subscription) | 04/10/2008
Scott Hartman, the former chief executive officer of NovaStar Financial Inc., received compensation valued at $1.34 million in 2007, although he forfeited more than half of it when he was terminated Jan. 3.
