NovaStar Completes $2.5B Deal

NovaStar Financial Inc., a real estate investment trust based in Kansas City, Mo., has announced the completion of a $2.5 billion securitization by its subsidiary, NovaStar Mortgage.The transaction, NovaStar Mortgage Funding Trust series 2004-4, offered 15 rated classes of certificates with a face value of $2.47 billion, NovaStar said. The lead managers of the deal are RBS Greenwich Capital and Wachovia Securities. NovaStar Mortgage can be found on the Web at http://www.novastarmortgage.com.