Novation Companies, Inc. (NOVC)
Novations Companies, Inc., together with its subsidiaries, operates as a residential appraisal and mortgage real estate valuation management services company. The company offers appraisal services to lenders and borrowers. It also holds certain nonconforming residential mortgage securities. The company's portfolio of mortgage securities include interest-only, prepayment penalty, and overcollateralization securities retained from its securitizations of nonconforming, single-family residential mortgage loans; and subordinated mortgage securities retained from its securitizations and subordinated home equity loan asset-backed securities. In addition, it provides access to tailored banking accounts, small dollar banking products, and related services to low and moderate income level individuals. Further, the company develops and markets its software products to mortgage lenders, including a self-managed appraisal solution for lenders to manage their appraisal process; and analytical tools for the lender to manage their mortgage origination business. NovaStar Financial, Inc. (former name) was founded in 1996 and is headquartered in Kansas City, Missouri.
Most recently, Novation companies purchased controlling interest in Mango Moving, a moving broker seen here;
and created a website for the subsidiary Corvisa as seen here;
and was sued by Woori Bank, N.C.U.A and Cambridge Investments as seen here:
Subprime Lender which imploded in early 2007 after declaring dividends on both preferred and common shares and then reneging.
Formerly listed on the Nyse as NFI then NOVS.PK and now NOVC http://www.nytimes.com/2011/05/22/business/22excerpt.html?pagewanted=all&_r=0
Novation Companies, Inc.