NovaStar Financial, the nation's 16th-largest subprime funder, has revealed that it may sell the company and has hired Deutsche Bank Securities as its adviser.The Kansas City, Mo.-based lender also said it has received a $100 million loan commitment from Wachovia Capital Markets LLC. About three weeks ago, the publicly traded real estate investment trust cut its work force by 17%, or 350 positions, citing the changing landscape of the mortgage industry. Last week it said it would close its warehouse lending division. The company is being sued by investors who have seen the value of their sales get hammered over the past few months.
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