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1 decade 1 year 6 months ago Thursday, October 18 2007 Oct 18, 2007 Thursday, October 18, 2007 5:08:23 AM CDT October 18, 2007 in News
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KANSAS CITY (AP) - The New York Stock Exchange says it plans to remove mortgage lender NovaStar Financial from its trading list. The exchange says the Kansas City-based company no longer meets its minimum requirements.The company says it will ask the stock exchange to review that decision, but it's also looking for alternative markets to trade its shares. NovaStar has struggled this year because its core business of providing loans to people with substandard credit has deteriorated because of an increase in borrower defaults and falling home prices.The company has shut down the majority of its business selling new mortgages and cut its work force from 2,000 last year to 625.

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