In Wednesday’s after hours trading, NovaStar Financial (NFI) stock rose 17.2% after they announced a desire to establish a strategic alliance or sell the company.
In a Wednesday filing with the U.S. Securities and Exchange Commission, NovaStar Financial said non-conforming loans in March were down 58 percent from a year earlier. First-quarter volume fell 21 percent to $1.44 billion.
NovaStar also announced a commitment of $100 million in financing from Wachovia Capital Markets LLC and suggested this gesture opens talks to replace and perhaps expand existing financing.
Tags: Mortgage News, NovaStar, NovaStar Financial
