I am studying this issue. Novastar started writing mortgages in Marion County in 1997. They wrote two, One went south less than two years later. 50% fail rate. They continued on a course of high interest, adjustable rate, with many unfavorable balloons until September 2007.
Out of 56 loans they wrote in on 2007 in Marion County, at least 20 went bad, 13 in way under 2 years. That is a minimum of 35% bad loans. While studying these, there were many more that look like they could go bad, there was much evidence in the records of financial duress on borrowers not yet in Foreclosure. 8 more fail, and that will be 50%!
Numbers get worse, there were 325 mortgages written by Novastar from Jan 1, 2004 until September 07. Since then there have been 127 Lis Pendis' filed. 42%!! Now a few of those mortgages were likely written slightly earlier....but my God!
Can the people fight back? I'm trying, please call or write me.
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