Posted by Les_CO on 8/4/07 10:34am
Msg #203967
FYI......Another one
ANNOUNCEMENT
Due to severe dislocation in the secondary market, NovaStar Mortgage Wholesale is temporarily suspending approval and funding activity on all loan transactions that have not been locked via a NovaStar Lock In Confirmation until Tuesday, August 7th, at which time the policy will be reevaluated. Locked loans and loans with docs out will continue to fund as scheduled. This is effective immediately.
New loan applications will continue to be accepted however will be held until the temporary suspension on loan approvals and fundings has been lifted.
We apologize for short notice and will be reviewing market conditions and updating our policy on a daily basis.
If you have any questions, please contact NovaStar Solutions at 877-480-3939 or Novastar Solutions at (877) 480-3939.
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Reply by Dennis Larson on 8/6/07 11:05am
Msg #204108
from the Associated Press, 8/06/07
"Shares of NovaStar Financial Inc., a subprime lender based in Kansas City, Mo., plunged $2.01, or 31.4 percent, to $4.39. The stock, which peaked at more than $260 in 2004, has never traded so cheaply."
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