NovaStar Financial to cut 350 jobs

“NovaStar Financial Inc (NFI.NYS) Friday announced its plans to cut 17% of its workforce in response to the lackluster sub-prime mortgage market. The residential mortgage lender said it would lay off 350 employees. Most of the job cuts would take place in NovaStar Financial’s wholesale loans origination unit. The company said it would reduce 50 positions at its headquarters in Kansas City and approximately 300 positions at operation centres in California and Ohio.”