11.02.2005 14:28:00

NovaStar Names General Counsel and Promotes Wholesale Market Leader

NovaStar Names General Counsel and Promotes Wholesale Market Leader


    Business Editors/Real Estate Writers

    KANSAS CITY, Mo.--(BUSINESS WIRE)--Feb. 11, 2005--NovaStar Financial, Inc. (NYSE:NFI), a residential lender and mortgage Real Estate Investment Trust, today announced it has appointed Jeffrey D. Ayers as Senior Vice President, General Counsel and Secretary of NovaStar Financial. In addition, NovaStar has promoted David A. Pazgan to serve as Executive Vice President of NovaStar Mortgage, Inc., the wholesale loan origination unit of NovaStar.
    "These two talented leaders bring a great deal to our executive team. Jeff Ayers has broad experience in legal affairs in a large public-company setting, and he will guide our approach to legal issues, oversee staff lawyers and serve as liaison with outside counsel. Dave Pazgan is a dynamic mortgage executive who will provide strategic leadership for broker and correspondent relationships for NovaStar, which produce a large majority of our mortgage originations," said Lance Anderson, President and Chief Operating Officer.
    Mr. Ayers has practiced law for nearly 20 years in law firms and corporations, with experience in securities, debt and equity financings, securitizations, and regulatory and compliance matters. He joins NovaStar from GE Insurance Solutions, where he was Vice President and Associate General Counsel. From 2003 until this year, he was responsible for various legal functions of the $10 billion-plus unit of General Electric, including Sarbanes Oxley compliance, public securities filings, financings and transactions.
    From 1999 to 2002, Mr. Ayers served as Senior Vice President, General Counsel and Corporate Secretary for Aquila Merchant Services. He managed a staff of 75 and was responsible for legal, environmental and regulatory affairs for Aquila, a multinational risk merchant, commodity trader and energy infrastructure developer and manager.
    He was managing partner of the London office of Blackwell Sanders Peper Martin LLP from 1996 to 1999. Prior to that, he had been a partner in the Blackwell Sanders firm in Kansas City. Mr. Ayers' work with clients spanned a variety of corporate issues such as financings, securities, acquisitions and joint ventures. Before joining Blackwell Sanders in 1992, he had been an attorney with the Stinson, Mag & Fizzell and Bryan Cave law firms.
    Mr. Ayers earned a Juris Doctor degree from the University of Iowa with high distinction and served on the staff of the Journal of Corporation Law. He also received a Master of Business Administration degree from the University of Iowa. He received a bachelor's degree from Graceland University, Summa Cum Laude, with majors in Computer Science and Mathematics.
    Mr. Pazgan has had oversight of NovaStar's wholesale business since November 2004, including field sales, inside sales and the correspondent division. He has been with NovaStar since 1997 and most recently was Senior Vice President of Wholesale East, overseeing wholesale field sales, operations and inside sales in the eastern United States.
    Prior to his current position, Mr. Pazgan served NovaStar Mortgage as a Senior Vice President, Regional Vice President and an Account Executive. Before joining NovaStar, he was an account executive for FHB Funding, a wholesale nonprime originator. He is a graduate of Pennsylvania State University and has been in the residential mortgage lending business since 1996.
    In addition to Mr. Pazgan's new position, two other senior managers also are assuming broader responsibilities in the nationwide wholesale business: Jim Anderson, who has served as Senior Vice President - Wholesale West, has been named Senior Vice President - National Sales Manager; and John Pantalone, who has served as Senior Vice President - Wholesale Central, has been named Senior Vice President - Wholesale Operations.

    About NovaStar

    NovaStar Financial, Inc. (NYSE:NFI) is one of the nation's leading lenders and investors in residential mortgages. The company specializes in single-family, nonconforming mortgages, involving borrowers whose loan size, credit details or other circumstances fall outside conventional mortgage agency guidelines. A Real Estate Investment Trust (REIT) founded in 1996, NovaStar efficiently brings together the capital markets, a nationwide network of mortgage brokers and American families financing their homes. NovaStar is headquartered in Kansas City, Missouri, and has lending operations and affiliated branches nationwide.
    For more information, please reference our website at www.novastarmortgage.com.

    Certain matters discussed in this news release may constitute forward-looking statements within the meaning of the federal securities laws that inherently include certain risks and uncertainties. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including general economic conditions, fluctuations in interest rates, fluctuations in losses due to default on the Company's mortgage loans, the availability of nonconforming residential mortgage loans, the availability and access to financing and liquidity resources, and other risk factors outlined in the Company's 2003 annual report on Form 10-K (available on the Company's website or by request to the Investor Relations Contact). Other factors not presently identified may also cause actual results to differ. We continuously update and revise our estimates based on actual conditions experienced. It is not practicable to publish all such revisions and, as a result, no one should assume that results projected in or contemplated by the forward-looking statements included above will continue to be accurate in the future.

--30--AR/se*

CONTACT: NovaStar Financial, Inc. Mike Enos, 816-237-7597 (Media Relations) Jeffrey A. Gentle, 816-237-7424 (Investor Relations)

KEYWORD: MISSOURI INDUSTRY KEYWORD: BANKING REAL ESTATE BUILDING/CONSTRUCTION MANAGEMENT CHANGES SOURCE: NovaStar Financial, Inc.

Copyright Business Wire 2005

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