-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IiTXaJytNjRZDpG1BjS10C25wldNHH25lN7HbRgRXKmnVdfHLN/HmCFtMpM6gmKe ydoilqeGiT3NuqsXqUyxlA== 0001025953-06-000141.txt : 20060809 0001025953-06-000141.hdr.sgml : 20060809 20060809151957 ACCESSION NUMBER: 0001025953-06-000141 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060809 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060809 DATE AS OF CHANGE: 20060809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NOVASTAR FINANCIAL INC CENTRAL INDEX KEY: 0001025953 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 742830661 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13533 FILM NUMBER: 061017147 BUSINESS ADDRESS: STREET 1: 8140 WARD PARKWAY STREET 2: STE 300 CITY: KANSAS CITY STATE: MO ZIP: 64114 BUSINESS PHONE: 8162377000 MAIL ADDRESS: STREET 1: 8140 WARD PARKWAY STREET 2: STE 300 CITY: KANSAS CITY STATE: MO ZIP: 64114 8-K 1 form8k.htm FORM 8-K

UNITED STATES

 

SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

August 9, 2006

Date of Report (Date of earliest event reported)

 

NOVASTAR FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

 

Maryland

 

001-13533

 

74-2830661

(State or other jurisdiction of incorporation or organization)

 

(Commission File Number)

 

(I.R.S. Employer Identification No.)

 

8140 Ward Parkway, Suite 300, Kansas City, MO 64114

(Address of principal executive offices)

(Zip Code)

 

(816) 237-7000

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 


 

 

INFORMATION TO BE INCLUDED IN THE REPORT

 

Item 7.01 – Regulation FD Disclosure

 

On August 9, 2006 NovaStar Financial, Inc. reported its quarterly portfolio data on its website (www.novastarmortgage.com). The quarterly portfolio data is included as Exhibit 99 and is incorporated herein by reference.

 

References to the registrant’s website do not incorporate by reference the information on the registrant’s website into this Current Report and the registrant disclaims any such incorporation by reference.

 

Item 9.01 – Financial Statements and Exhibits

 

(c)

Exhibits

 

 

99

Quarterly Portfolio Data.

 

 

 


 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

NOVASTAR FINANCIAL, INC.

                                                                                                                                

DATE: August 9, 2006

/s/ Gregory S. Metz

 

Gregory S. Metz

 

Chief Financial Officer

 

 

 


 

 

Exhibit Index

 

Exhibit

Number

99

Quarterly Portfolio Data.

 

 

 

 

 

 EX-99 2 ex99.htm EXHIBIT 99

Exhibit 99

 

MORTGAGE SECURITIES AND LOANS COLLATERALIZING MORTGAGE SECURITIES

As of June 30, 2006

 

Table 1 – Summary of Securitizations (dollars in thousands)

 

 

 

 

Loan Collateral

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Remaining

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepayment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Penalty

 

Asset-Backed Bonds

 

 

 

 

 

 

 

 

 

 

 

 

Period

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

(in years)

 

 

 

Average

 

Estimated

Securitization

 

Issue

 

Original

 

Current

 

Average

 

Prepayment

 

for Loans w/

 

Remaining

 

Interest

 

Months

Trust

 

Date

 

Principal

 

Principal

 

Coupon

 

Penalty

 

Penalty

 

Principal (A)

 

Rate (A)

 

to Call

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NMFT 2000-1

 

3/31/2000

 

$ 230,138

 

$ 13,059

 

10.37%

 

-

 

-

 

$ (B)

 

(B)

 

(B)

NMFT 2000-2

 

9/28/2000

 

339,688

 

16,683

 

10.54%

 

-

 

-

 

(B)

 

(B)

 

(B)

NMFT 2001-1

 

3/31/2001

 

415,067

 

28,002

 

10.52%

 

-

 

-

 

(B)

 

(B)

 

(B)

NMFT 2001-2

 

9/25/2001

 

800,033

 

66,189

 

9.99%

 

23%

 

0.05

 

58,320

 

6.02%

 

-

NMFT 2002-1

 

3/28/2002

 

499,998

 

51,060

 

9.37%

 

46%

 

0.25

 

48,506

 

5.74%

 

2

NMFT 2002-2

 

6/28/2002

 

310,000

 

32,657

 

9.96%

 

43%

 

0.34

 

30,860

 

5.94%

 

3

NMFT 2002-3

 

9/27/2002

 

750,003

 

90,516

 

8.78%

 

35%

 

0.40

 

86,876

 

5.71%

 

6

NMFT 2003-1

 

2/27/2003

 

1,300,141

 

212,392

 

8.11%

 

36%

 

0.50

 

197,524

 

6.34%

 

16

NMFT 2003-2

 

6/12/2003

 

1,499,998

 

266,326

 

7.93%

 

38%

 

0.66

 

247,822

 

6.38%

 

19

NMFT 2003-3

 

9/16/2003

 

1,499,374

 

351,810

 

7.58%

 

51%

 

0.80

 

329,309

 

6.35%

 

32

NMFT 2003-4

 

11/20/2003

 

1,499,732

 

332,821

 

8.13%

 

62%

 

0.79

 

314,820

 

6.41%

 

21

NMFT 2004-1

 

3/11/2004

 

1,750,000

 

418,175

 

8.71%

 

51%

 

0.66

 

395,425

 

6.17%

 

18

NMFT 2004-2

 

6/16/2004

 

1,399,999

 

408,875

 

8.88%

 

46%

 

0.72

 

383,675

 

6.08%

 

20

NMFT 2004-3

 

9/9/2004

 

2,199,995

 

920,142

 

7.92%

 

49%

 

0.62

 

876,142

 

6.04%

 

24

NMFT 2004-4

 

11/18/2004

 

2,500,000

 

1,159,022

 

7.58%

 

75%

 

0.47

 

1,128,275

 

5.97%

 

23

NMFT 2005-1

 

2/22/2005

 

2,100,000

 

1,184,213

 

7.60%

 

73%

 

0.62

 

1,157,975

 

5.78%

 

26

NMFT 2005-2

 

5/27/2005

 

1,799,992

 

1,214,690

 

7.66%

 

71%

 

0.83

 

1,205,690

 

5.64%

 

35

NMFT 2005-3

 

9/22/2005

 

2,499,983

 

1,972,123

 

7.48%

 

69%

 

0.98

 

1,904,623

 

5.61%

 

37

NMFT 2005-4

 

12/15/2005

 

1,599,999

 

1,395,537

 

7.93%

 

69%

 

1.15

 

1,342,738

 

5.63%

 

42

NMFT 2006-2

 

6/19/2006

 

1,021,102

 

1,016,160

 

8.79%

 

64%

 

1.37

 

998,780

 

5.34%

 

48

NMFT 2006-3 (C)

 

6/29/2006

 

690,742

 

690,417

 

8.99%

 

63%

 

1.41

 

1,074,926

 

5.50%

 

50

Total

 

 

 

$ 26,705,984

 

$ 11,840,869

 

8.00%

 

64%

 

0.86

 

$ 11,782,286

 

5.77%

 

 

 

(A)

Does not include subordinated bonds retained by the Company.

 

(B)

On July 25, 2006 the Company exercised its call right for the NMFT Series 2000-1, NMFT Series 2000-2 and NMFT Series 2001-1 securitization trusts.

 

(C)

All of the bonds, net of what the Company retained, were sold to third party investors at the date of the initial close of the securitization, but the Company did not deliver the remaining $409.3 million of loans collateralizing NMFT Series 2006-3 until July 21, 2006.

 

 

 


 

 

MORTGAGE SECURITIES AND LOANS COLLATERALIZING MORTGAGE SECURITIES

As of June 30, 2006

 

Table 2 — Loans Collateralizing Mortgage Securities by FICO Score

(dollars in thousands)

FICO Score

 

Current Principal

 

Weighted Average Coupon

 

Original Weighted Average Loan-to-Value

FICO score not available

 

$ 9,034

 

9.99%

 

69.7%

540 and below

 

875,578

 

9.31%

 

77.6%

540 to 579

 

1,793,668

 

8.76%

 

79.6%

580 to 619

 

2,418,407

 

8.26%

 

82.1%

620 to 659

 

2,741,571

 

7.75%

 

82.1%

660 and above

 

4,002,611

 

7.37%

 

82.7%

 

 

$ 11,840,869

 

8.00%

 

81.6%

 

 

Table 3 — Loans Collateralizing Mortgage Securities by Geographic Concentration

Percent of Current Principal

Collateral Location

 

Florida

19%

California

17%

All other states

64%

Total

100%

 

 

Table 4 — Loans Collateralizing Mortgage Securities

Carrying Value of Loans by Product/Type (in thousands)

Product/Type

 

2-Year Fixed

$ 6,223,668

30-Year Fixed

2,145,050

2-Year Fixed Interest-only

1,719,733

15-Year Fixed

780,953

3-Year Fixed

346,131

3-Year Fixed Interest-only

94,650

5-Year Fixed

70,208

30-Year Fixed Interest-only

53,488

5-Year Fixed Interest-only

50,204

Other Products

356,784

Outstanding principal

$ 11,840,869

 

 

 


 

 

MORTGAGE LOANS HELD-FOR-SALE AND HELD-IN-PORTFOLIO

As of June 30, 2006

 

Table 1 — Mortgage Loans by FICO Score

(dollars in thousands)

FICO Score

 

Current Principal

 

Weighted Average Coupon

 

Original Weighted Average Loan-to-Value

Held-for-sale:

 

 

 

 

 

 

FICO score not available

 

$ 480

 

10.30%

 

69.8%

540 and below

 

116,276

 

9.95%

 

80.3%

540 to 579

 

226,047

 

9.50%

 

82.8%

580 to 619

 

346,471

 

9.13%

 

84.4%

620 to 659

 

314,251

 

8.61%

 

83.8%

660 and above

 

432,663

 

7.67%

 

82.7%

 

 

$ 1,436,188

 

8.70%

 

83.2%

 

 

 

 

 

 

 

Held-in-portfolio:

 

 

 

 

 

 

FICO score not available

 

$ 16,349

 

7.30%

 

74.4%

540 and below

 

108,566

 

9.58%

 

74.7%

540 to 579

 

216,161

 

9.24%

 

78.0%

580 to 619

 

326,147

 

8.81%

 

80.7%

620 to 659

 

431,553

 

8.09%

 

79.3%

660 and above

 

1,324,683

 

7.59%

 

77.2%

 

 

$ 2,423,459

 

8.08%

 

78.0%

 

Table 2 — Mortgage Loans by Geographic Concentration

Percent of Current Principal

Collateral Location

 

Held-for-sale

Florida

 

18%

California

 

12%

Maryland

 

5%

Michigan

 

5%

North Carolina

 

5%

All other states

 

55%

Total

 

100%

 

 

 

Collateral Location

 

Held-in-portfolio

California

 

43%

Florida

 

17%

All other states

 

40%

Total

 

100%

 

 

 

 

 

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