American Home Mortgage’s Correspondent Lending Division off to fast start: A one-year review

National Mortgage Professional

Oct 29, 2006

NovaStar Mortgage to purchase retail assets of Oak Street MortgageMortgagePress.comRetail loan origination NovaStar Mortgage Inc. has agreed to acquire up to 21 retail mortgage-lending locations and certain other assets from Oak Street Mortgage LLC. The purchase price of the Oak Street Mortgage assets in question will be at a slight premium over book value, and there will be an additional opportunity for Oak Street Mortgage to earn payments over the next two years, contingent upon the performance of the retail division during that period. The transaction is expected to close late in the fourth quarter of 2006. Kansas City, Mo.-based NovaStar Mortgage Inc. is the loan origination unit of real estate investment trust NovaStar Financial Inc. For more information, call (888) 499-5363 or visit www.novastarmortgage.com. Oak Street Mortgage LLC, a subsidiary of Oak Street Financial Services, is a retail mortgage originator, based in Carmel, Ind. For more information, call (800) 562-6669 or visit www.oakstreetmortgage.com.

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Oct 29, 2006

Courts

Former Live Well CEO Sentenced to 44 Months In Prison

Prosecutors had sought 15 years in $200M bond fraud scheme.

Michael Hild, the founder and former CEO of defunct Live Well Financial Inc., was sentenced Friday to 44 months in prison for orchestrating a $200 million bond fraud scheme. The sentence was imposed by Judge Ronnie Abrams in the Southern District Court of New York and confi...

Reverse

Fairway Overhauls Its Reverse Mortgage Channel

Company decentralizes its operations and creates Reverse Advisory Council.

Fairway Independent Mortgage Corp., one of the nation's largest lenders, said Monday it is reorganizing its reverse mortgage channel. Calling it “the next step in the evolution of reverse mortgages,” Fairway said it is decentralizing its operations, “moving away from the st...