Another subprime casualty

One last quick hit this morning: Subprime mortgage lender NovaStar Financial came out with atrocious earnings results after the bell yesterday. This story recaps all the bad news. Suffice it to say it lost money in the most recent quarter ... it doesn't expect to make much taxable income for several YEARS ... and it had to take several charges due to souring loans and declines in the value of mortgage securities.