Creative pay packages for top officials of subprime mortgage company
Source: International Herald Tribune
Things aren't going very swimmingly for investors in NovaStar Financial, a subprime mortgage originator in Kansas City, Missouri. Its stock plummeted last week on news that the company lost $64.05 a share in the third quarter, that it had canceled its preferred stock dividend and that it was no longer able to reap the tax advantages of a real estate investment trust...
...Happily, though, there is one NovaStar constituency that is doing just fine - the top executives and co-founders. Over the years, they have pocketed millions in compensation, based largely upon loans that probably should never have been made.
LinkHere
Things aren't going very swimmingly for investors in NovaStar Financial, a subprime mortgage originator in Kansas City, Missouri. Its stock plummeted last week on news that the company lost $64.05 a share in the third quarter, that it had canceled its preferred stock dividend and that it was no longer able to reap the tax advantages of a real estate investment trust...
...Happily, though, there is one NovaStar constituency that is doing just fine - the top executives and co-founders. Over the years, they have pocketed millions in compensation, based largely upon loans that probably should never have been made.
LinkHere
posted by Kangaroo Brisbane Australia at 4:12 PM
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