NY Times | Red Flags on NovaStar’s Mortgages Were Unheeded

Red Flags on NovaStar’s Mortgages Were Unheeded

It Teetered, It Tottered, It Was Bound to Fall Down

MARC COHODES had heard the stories.

Heard how these guys would give a mortgage to anyone — even to a corpse, the joke went. How the place was run like a frat house.

You wouldn’t believe the things that go on there, his brother-in-law had told him.

So Mr. Cohodes, a money manager in Marin County, Calif., decided to bet against one of the big names of the subprime age: NovaStar Financial.

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Comments
2 Responses to “NY Times | Red Flags on NovaStar’s Mortgages Were Unheeded”
  1. Readdocs says:

    Question: How can a mortgage company/bank do a loan modification for a client if they don’t hold or own
    the note to be modified?

  2. Pamela says:

    Oddly enough when I was trying to get a HAMP modif. through the HOPE program this is the company I was referred to.This was back in 2010.Sooo glad that modif. never went through.With all the heads up these people had it’s amazing they kept referring people to them!!!

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