NovaStar Financial

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NovaStar Financial is a specialty finance company that originates, purchases, securitizes, sells, and invests in loans and mortgage-backed securities. The company also services a large portfolio of residential loans.

On August 17, 2007, NovaStar announced a reduction in workforce to align its organization and costs with an expected reduction in loan originations. The employment reduction affects approximately 500 persons, about 37 percent of the company's workforce. The reduction in workforce will affect NovaStar's headquarters in Kansas City and will lead to closing wholesale operation centers in California and Ohio.

Headquarters: Kansas City, Missouri with lending operations nationwide

Website: http://www.novastarmortgage.com/

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