NovaStar Financial’s liabilities exceed assets by $1.1B in 2009

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 …