NovaStar Financial Loses Money

9 years 11 months 6 days ago Thursday, November 15 2007 Nov 15, 2007 Thursday, November 15, 2007 4:55:17 AM CST November 15, 2007 in News
Source: (Copyright 2007 The Associated Press All Rights Reserved.)
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KANSAS CITY (AP) - Mortgage lender NovaStar Financial says it lost almost 600 million dollars in the third quarter. The Kansas City-based company faces continued problems in the subprime mortgage market as it struggles to stay afloat. For the three months ending September 30th, the company reports losing 598 million dollars, or $64 a share. That compares with a profit of 25 million dollars, or $2.91 per share, during the same period a year ago. The company also warns that it may be forced to trade on the over-the-counter bulletin board. The New York Stock Exchange is expected to decide in December whether to delist the company's shares.

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