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Strategies & Market Trends : Turnarund Investing

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Aug 1 5:00 PM EST

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From: turnaround_seeker	4/24/2012 11:24:51 PM
	of 1876

RE: Bankbuyer who has been stalking and harassing me and Novastar for FIVE plus years asks why Novastars loans defaulted and why were their delinquencies so high?? First off, everyone in the credit industry knows about "first payment defaults". And to insinuate that a first payment default loan is fraud is just that, an insinuation but its NOT fraud. As far as delinquency is concerned, Novastars delinquency rate wasn't any higher than other subprime mortgage lenders and becasue their delinquency rate was high, that doesn't constitute fraud either. Novastar made mistakes no doubt, but its because they were considered "Best of Breed" in their industry that they've survived. Finally, Novastar is no longer in the mortgage lending business so most of this is moot, and only those miscreants with an agenda like Marc Cohodes who kept "throwing" the same unsubstantiated complaints "over the wall" to the SEC in the hope he could DUPE the SEC into closing Novastar.....and all for his and his clients GREED driven profit. Stay tuned! Richard Morris aka Rooky

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