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Article Excerpt
M2 PRESSWIRE-30 April 2007-Small Cap News: Current Research on Novastar Financial Inc(C)1994-2007 M2 COMMUNICATIONS LTD
RDATE:30042007
Current Research on Novastar Financial Inc (NYSE:NFI)
NovaStar Financial, Inc., a specialty finance company, engages in the origination, purchase, securitization, sale, investment in, and service of residential nonconforming loans and mortgage-backed securities in the United States. It operates through three segments: Mortgage Portfolio Management, Mortgage Lending, and Loan Servicing. The Mortgage Portfolio Management segment invests in a portfolio of mortgage securities, which includes interest-only, prepayment penalty, and overcollateralization securities retained from its securitizations of nonconforming, single-family residential mortgage loans; and subordinated mortgage securities retained from its securitizations and subordinated home equity loan asset-backed securities. The Mortgage Lending segment originates and purchases nonconforming, single-family residential mortgage loans through its loan origination network, including wholesale loan brokers, mortgage lenders, and correspondent institutions, as well as direct to consumer operations. It also underwrites, processes, funds, and services the nonconforming mortgage loans sourced through its network of wholesale loan brokers and mortgage lenders; and direct to consumer operations...
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