Saxon Mortgage problems are not all Novastar issues

When Novastar Financial of Kansas City went broke nobody really cried about it. This is a press release from October 16, 2007: Troubled subprime lender NovaStar Financial, Inc. said late today that it will sell its entire servicing rights to Saxon Mortgage Services, Inc. in a bulk deal that pulls the rug out of NovaStar’s …

NovaStar mortgage servicing sold to Saxon Mortgage

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 …