Housing Wire is reporting that NovaStar, recently the recipient of a $100 million credit extension from Wachovia, is "considering its strategic alternatives" which could be considered industry parlance for "up for sale."
NovaStar Financial, Inc. (NYSE:NFI), one of the nationâ??s largest subprime lending operations, said late Wednesday that Wachovia Capital Markets, LLC has extended the embattled subprime lender $100 million in credit. Industry sources have characterized the funding arrangement as a â??liquidity lifelineâ?? needed to keep the company afloat.
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Industry sources that spoke with HW said the company faces much more dire financial distress than the company disclosed in its press statement, although none would go on record with information supporting their claims.
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