NovaStar Financial Inc., Kansas City, Mo., may have taken one step closer to the end of the line, as the company shuts its retail mortgage brokering business. In a Securities and Exchange Commission filing, NovaStar said it could no longer meet minimum licensing requirements because of the net worth and financial condition of the company. It is firing 170 employees, leaving it with just 30 to handle its mortgage portfolio management operations. NovaStar said it will take a charge of $1.3 million to $1.8 million as a result, most of which should be booked in the first quarter. Separately, NovaStar announced that its common and preferred stock listings on the New York Stock Exchange would be suspended prior to the opening of the market on Jan. 17. An appeal by the company of the original delisting notice in October was denied based on NovaStar's termination of its real estate investment trust status and its failure to qualify for original listing as a corporation. As of Jan. 17, NovaStar will trade on the pink sheets. The company can be found online at http://www.novastarmortgage.com.
-
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
2m ago -
In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
7h ago -
Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 -
The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 -
The lender accused its former leader of compromising its Fannie Mae seller/servicer number to prevent it from delivering loans.
March 27 -
Equity is entitled to a little over $70,000 worth of damages.
March 27