Novastar Financial NFIPRC
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Dropping Coverage of NovaStar
We are dropping coverage of NovaStar NOVS to allocate our resources elsewhere.
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NovaStar Still in Dire Straits
NovaStar Financial 's NOVS recently filed 10-K provides some ray of hope that the firm may be able to repay at least some of its creditors. However, it …
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Novastar Struggles to Survive
Barring a rapid turnaround in the subprime mortgage market, which we view as unlikely, Novastar Financial 's NFI long-term survival lies in the hands of its primary lender, Wachovia WB. Novastar is not in compliance with covenants …
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NovaStar Sells Servicing Rights
NovaStar Financial NFI announced it is selling the mortgage servicing rights associated with its securitizations to Saxon Mortgage Services, a subsidiary …
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NovaStar Cancels Dividend
NovaStar Financial NFI announced Monday that it will not be able to complete the distribution of preferred securities, which it planned to issue …
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NovaStar in Survival Mode
NovaStar Financial NFI canceled its planned shareholder rights offering on Tuesday. The company announced it will not be able to complete the $101 …
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NovaStar Reduces Workforce
On Friday, NovaStar Financial NFI announced that it will layoff 500 workers or 37% of its workforce. The reduction is not a surprise, as the company has severely …
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NovaStar Reports 2Q Results
NovaStar Financial NFI reported a second-quarter loss of $5.84 per fully diluted share. The company continues to struggle through the mess in …
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NovaStar Receives Capital Infusion
On Monday, NovaStar Financial NFI announced a $150 million commitment of new equity. The new capital comes in the form of a $48.8 million convertible preferred …
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Is There Still Value in Subprimes?
NovaStar Financial NFI is one of the most controversial stocks we cover. The subprime mortgage lender rode the wave of the housing boom over the …