Kansas City-based Novastar Financial, is not doing very well. Some Novastar loans were transferred to or are serviced by Saxon Mortgage. A growing number of its assets were pushed into foreclosure in 2009. As of Dec. 31, about 16 percent of NovaStar’s loans held in portfolio were more than 90 days past due, and about 36 percent were in foreclosure. At the end of 2008, about 20 percent of its loans held in portfolio were greater than 90 days delinquent, and about 20 percent were in foreclosure.
Novastar lost $181.1 million, or $20.97 a share, in 2009. That’s an improvement from a loss of $660.5 million, or $72.37 a share, in 2008.
As of Dec. 31, the company’s total liabilities exceeded its total assets by $1.1 billion, up 25.5 percent from $876.8 million at the end of 2008.
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