NovaStar Financial, Inc.

Type: Private
On the web: http://www.novastarfinancial.com
Employees: 53

NovaStar Financial is forging a new life for itself -- one with as little to do with subprime mortgages as possible. The firm bought, originated, serviced, and securitized subprime mortgages until that sector experienced its own flameout. Like many other lenders, NovaStar was burned as interest rates rose and marginal borrowers increasingly defaulted on their payments. It sold its servicing rights to Morgan Stanley in 2007, stopped writing new loans, sold the bulk of its loan portfolio, and cut most of its workforce. NovaStar is searching for better opportunities in the residential market. In 2008 it acquired a 75% stake in property appraisal firm PipeFire, now StreetLinks National Appraisal Services.

Key numbers for fiscal year ending December, 2008:
Sales: $235.0M

Officers:
Chairman, President, and CEO: W. Lance Anderson
SVP and CFO: Rodney E. Schwatken
Director National Sales, StreetLinks: Kelly Taylor

Competitors:
First American
LandAmerica Financial Group
Stewart Information Services