NovaStar Financial, Inc. Agrees to Sell Mortgage Servicing Rights in a Move to Reduce Debt (PR Newswire via Yahoo! Finance)
Story date: 2007-10-16 01:47:00
Added on: 2007-10-16 22:00:17
NovaStar Financial, Inc. , a residential mortgage portfolio manager, today announced it has entered into a definitive agreement to sell all of its mortgage servicing rights and servicing advances relating to its securitizations to Saxon Mortgage Services, Inc., a Fort Worth, Texas, based servicer of mortgage loans, for approximately $175 million in cash subject to certain adjustments at closing.
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