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Subprime lender NovaStar firing 37% of staff

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Subprime lender NovaStar firing 37% of staff

NovaStar Financial (NFI), a subprime mortgage lender, said Friday it will fire about 500 employees, or 37% of its workforce, as it reduces home loans given tough capital markets conditions.

The lender also said it will temporarily stop offering home loans through brokers, and instead continue to offer mortgages through its retail operations.

NovaStar expects the job cuts to begin immediately and conclude in the fourth quarter.

The cuts will affect its Kansas City headquarters, and result in the closure of wholesale operation centers in Lake Forest, Calif. and Independence, Ohio.

Following the cuts, NovaStar will have about 870 employees, spokesman **bleep** Johnson said. That's 58% fewer than the 2,048 people that NovaStar said it employed at year end...............more

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