To this day I still am a subprime expert who has made millions of dollars in the subprime industry, and who is still experiencing varying degrees of success in that very same industry.
Its also correct that Novastars business model was unsustainable, but here is a little something that might just help you:
"Through hard work, perseverance, and a firm commitment to do the right thing, NovaStar survived one of the most significant economic downturns of our time. Not only did it survive, it paid all of its secured bank lenders. It exited the crisis with a seasoned group of founders and leaders who had learned important lessons during the last decade. In addition, the company has significant realized and unrealized federal tax losses, allowing it to mitigate income taxes on profits for many years to come. This enhances the opportunity for growth and investment efficiency. Leaders were convinced that if they could navigate NovaStar through the storm, they could use the experiences gained to help other entrepreneurs grow and scale their businesses. In 2008, they began reinventing NovaStar based on their core competencies: the ability to scale businesses and improve execution of an original concept. Since then they have acquired five companies – StreetLinks Lender Solutions, Advent Financial, Corvisa Services, Mango Moving and CorvisaCloud. The reinvention prompted the company to change its name to Novation Companies, Inc., in order to truly reflect the leadership team’s vision for the future. This name represents a core strength: the ability to execute operationally at the highest level to bring new innovative technology-enabled services to market. The retention of “Nova” in the name reflects a continued promise to shareholders. Novation leaders are attracted to technology-enabled service businesses with a differentiated value proposition for their customers. They look for companies that are founded on great ideas but need to improve execution in order to grow. Novation assumes operational control of their subsidiary companies and supports the companies with world-class technology, sales/marketing and training services that a typical entrepreneur could not access. Novation leaders use the power of their knowledge and integrated operations to bring the companies to their maximum potential. They allow previous owners to focus on their passion and what they do best, and Novation leadership handles the rest."
And this description of corruption on Wall Street involving such things as illegal naked shorting and market maker manipulation may help you as well;
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