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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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