-----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, BCmvFy8b3uKwi2MlR1FF5H/vu1z37mnhkHGGTIyv2+QBgOc/j6K2ROAr6NFC1C5N ycxqYnAMORHk1YXUk5imFg== 0001025953-06-000192.txt : 20061201 0001025953-06-000192.hdr.sgml : 20061201 20061201145309 ACCESSION NUMBER: 0001025953-06-000192 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20061201 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20061201 DATE AS OF CHANGE: 20061201 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: 061250858 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

 

December 1, 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 8.01 – Other Events

 

On December 1, 2006, NovaStar Mortgage, Inc., the primary loan origination unit of NovaStar Financial, Inc. (NYSE: NFI), announced the completion of its acquisition of 19 retail mortgage lending locations and certain other assets of Oak Street Mortgage LLC.

 

A copy of the press release announcing the completion of this acquisition is included as Exhibit 99 and is incorporated herein by reference. References to the registrant’s website in the press release 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

NovaStar Mortgage, Inc. Expands Retail Market Outreach, Completes Purchase of Assets from Oak Street Mortgage LLC

 

 

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: December 1, 2006

 

/s/ Gregory S. Metz

 

 

Gregory S. Metz

 

 

Chief Financial Officer

 

 

 

Exhibit Index

 

Exhibit

Number

 

99

NovaStar Mortgage, Inc. Expands Retail Market Outreach, Completes Purchase of Assets from Oak Street Mortgage LLC

 

 

 

 EX-99 2 ex99.htm EXHIBIT 99

NovaStar Mortgage, Inc. Expands Retail Market Outreach

Completes Purchase of Assets from Oak Street Mortgage LLC

KANSAS CITY, Mo. – December 1, 2006 – NovaStar Mortgage, Inc., the primary loan origination unit of NovaStar Financial, Inc. (NYSE: NFI), has completed its acquisition of 19 retail mortgage lending locations and certain other assets of Oak Street Mortgage LLC. The expansion of NovaStar Mortgage’s retail presence is expected to increase loan production initially by about $75 million to $100 million per month.

“We are excited about expanding NovaStar’s outreach to homeowners through an efficient, centrally managed retail channel. Adding an experienced team of mortgage professionals serving consumers coast-to-coast gives us a strategic opportunity for growth. In addition, this cost-effective operation should help further reduce our costs of loan origination,” said Lance Anderson, Chairman of NovaStar Mortgage and Chief Operating Officer of NovaStar Financial.

For information, consumers can visit www.novastarhome.com, or call 1-800-LOAN-NOW to speak with a NovaStar lending professional.

About NovaStar Mortgage, Inc.

NovaStar Mortgage, Inc. is one of the nation's leading residential nonconforming lenders. A unit of NovaStar Financial, Inc. (NYSE: NFI), NovaStar Mortgage specializes in single-family mortgages involving borrowers whose loan size, credit details or other circumstances fall outside conventional agency guidelines. Founded in 1996, NovaStar Mortgage is headquartered in Kansas City, Missouri, and enjoys a national presence with lending professionals and retail and wholesale operations centers across the United States.

Certain matters discussed in this release constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are those that predict or describe future events and that do not relate solely to historical matters. Forward-looking statements are subject to risks and uncertainties and certain factors can cause actual results to differ materially from those anticipated. Some important factors that could cause actual results to differ materially from those anticipated include: our ability to successfully integrate acquired businesses or assets with our existing business; our ability to generate sufficient liquidity on favorable terms; the size, frequency and structure of our securitizations; interest rate fluctuations on our assets that differ from our liabilities; increases in prepayment or default rates on our mortgage assets; changes in assumptions regarding estimated loan losses and fair value amounts; changes in origination and resale pricing of mortgage loans; our compliance with applicable local, state and federal laws and regulations or opinions of counsel relating thereto and the impact of new local, state or federal legislation or regulations or opinions of counsel relating thereto or court decisions on our operations; the initiation of margin calls under our credit facilities; the ability of our servicing operations to maintain high performance standards and maintain appropriate ratings from rating agencies; our ability to expand origination volume while maintaining an acceptable level of overhead; our ability to adapt to and implement technological changes; the stability of residual property values; the outcome of litigation or regulatory actions pending against us or other legal contingencies; compliance with new accounting

 

pronouncements; the impact of general economic conditions; and the risks that are from time to time included in our filings with the SEC, including our Annual Report on Form 10-K, for the year ended December 31, 2005 and our quarterly report on form 10-Q, for the period ending September 30, 2006. Other factors not presently identified may also cause actual results to differ. This document speaks only as of its date and we expressly disclaim any duty to update the information herein.

CONTACTS:

 

NovaStar Financial, Inc.

Investor Relations Contact:

Jeffrey A. Gentle, 816-237-7424

 

or

 

Media Relations Contact:

Dick Johnson, 913-649-8885

 

 

 

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