According to Housing Wire, NovaStar’s warehouse division Warehouse USA will cease operations at the end of this month:
In a notice posted on the companyâ??s web site, WarehouseUSA said it was no longer accepting applications for warehouse lines of credit and that it would close all of its existing lines of credit on or before April 27.
â??The closure of the warehouse lending business will not impact direct mortgage loan funding by, or any other business of, any NovaStar entity,â?? the company said.
NovaStar took a beating when it said that it would not see after-tax profitability for nearly 4 years from its operations.
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