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UPDATE 8/17/07: If you are looking for the latest news on NovaStar and their recent layoffs please visit this post.
From NovaStar just now:
ANNOUNCEMENT
Due to severe dislocation in the secondary market, NovaStar Mortgage Wholesale is temporarily suspending approval and funding activity on all loan transactions that have not been locked via a NovaStar Lock In Confirmation until Tuesday, August 7th, at which time the policy will be reevaluated. Locked loans and loans with docs out will continue to fund as scheduled. This is effective immediately.
New loan applications will continue to be accepted however will be held until the temporary suspension on loan approvals and fundings has been lifted.
We apologize for short notice and will be reviewing market conditions and updating our policy on a daily basis.
If you have any questions, please contact NovaStar
Amazing, we’ll follow this breaking story as it develops.
Last 3 posts by Morgan
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August 3, 2007 at 8:20 pm
[...] commenter correctly said that NovaStar was not the only one that ceased funding today; many other lenders did as ...
August 4, 2007 at 1:29 am
[...] wild ride August 4, 2007 I just finished reading about the Novastar announcement at Morgan’s Blown Mortgage and the ...
August 17, 2007 at 10:06 am
[...] new here, you may want to subscribe to my RSS feed. Thanks for visiting!NovaStar Financial, which temporarily halted funding ...
August 17, 2007 at 11:12 am
[...] Financial, which temporarily halted funding nearly two weeks ago amid the major disruptions in the secondary market, announced that ...