From a high of $143 to today's close of, uh, wow, $6.40. My math says that's a 96% haircut. They, and their thousands of employees, and their billions in crap loans, will be gone soon.
Real soon.
And the world will be a better place.
Working for a subprime lender is as shameful as working for a crack dealer. Life is short people. You don't have to spend it working for scum industries who prey on the ignorant and poor. Good luck NovaStar employees with the job search. Do something good with your life. It's not too late.
NovaStar is suspending funding of some mortgage loans, according to a bulletin the lender sent mortgage brokers Friday.
A copy of the email message posted on several housing-related Web sites cites a "severe dislocation in the secondary market" for the decision. The move applies to "all loan transactions that have not been locked via a NovaStar Lock In Confirmation" through Tuesday.
The note says new loan applications will be accepted but will be put on hold till the suspension is lifted. NovaStar, which has been a leader in the business of lending to homebuyers in the hard-hit subprime market, said it will re-examine the decision on a day-to-day basis.
