Lance Anderson, President and Chief Operating Officer of NovaStar Financial, Inc., announced in mid-October 2007 that they entered into a final agreement to sell all of NovaStar’s servicing rights to Saxon Mortgage Services, Inc.
The quality of service from NovaStar and the quality of service from Saxon Mortgage should be a good fit — neither has an quality, although Morgan Stanley owns Saxon Mortgage.
In reality Saxon and Morgan Stanley fit about as well as HSBC and former predatory lender Household International. Blue-blooded professional bankers and predatory lenders do not mix. Nor do debt collectors and home owners.
If former NovaStar customers are treated differently than all other Saxon Mortgage customers perhaps we should look at redlining or discrimination as the reason for Saxon’s abuse. When does a real homeowner pay by Western Union Speed Pay, and why does Saxon call to offer the service?
With NovaStar the answer was simple – they were really calling people to see if they would make a payment, and if NovaStar would stay in business. Personally I would like to see Saxon in the same position, but Morgan Stanley will pour more money down the drain instead.
Cash, subprime, and stupid mortgage deals aside, the risk to Morgan Stanley’s good reputation cannot be repaired.
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