NovaStar Financial Inc., Kansas City, Mo., has announced the completion of a $2.43 billion securitization by its subsidiary NovaStar Mortgage.NovaStar Mortgage retained the M-11, M-12, and class C certificates of the transaction, NovaStar Mortgage Funding Trust, series 2005-3. Class C has a notional amount of $2.5 billion and entitles NovaStar to excess and prepayment penalty fee cash flow from the underlying loan collateral and serves as overcollateralization, the company said. The lead managers of the transaction are RBS Greenwich Capital, Wachovia Securities, and Deutsche Bank Securities. NovaStar Mortgage can be found on the Web at http://www.novastarmortgage.com.
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