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NovaStar Sells Servicing Unit

Stock quotes in this article: NFI , MS , LEND , FMT  

NovaStar Financial(NFI Quote) was rising more than 2% in after-hours trading after agreeing to sell mortgage servicing rights to a unit of Morgan Stanley(MS Quote).

Saxon Mortgage Services, the Fort Worth, Texas-based servicing unit of subprime lender Saxon Capital, will pay $175 million in cash for NovaStar's mortgage servicing rights and servicing advances. Morgan Stanley bought Saxon Capital last year.

The sale means that collection, customer service and loss mitigation activities on the related loans that NovaStar services will transition to Saxon, the company said. ...

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