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NovaStar said it would pay Credentia $45,000 a month plus "reasonable out-of-pocket expenses."
The one-time subprime lender also said that "certain current and former personnel" of NovaStar and its subsidiaries with "substantial experience" managing NovaStar's portfolio assets are "transitioning" to Credentia. It did not identify the personnel.
In connection with the agreement with Credentia, NovaStar said that the employment agreements of its president and chief executive, W. Lance Anderson, and its chief investment officer, Michael L. Bamburg, had been terminated.
Anderson will continue as president and CEO, but on an at-will basis. He will continue to receive the same base salary. Anderson's base salary in 2007 was $663,204, according to regulatory filings.
Bamberg's resignation takes effect Dec. 31. He will not receive any severance payments, NovaStar said.
Kansas City-based NovaStar was once one of the biggest subprime lenders in the country. It discontinued its lending and loan servicing operations about 17 months ago after the subprime mortgage meltdown. Its sole remaining business is managing its portfolio of largely interest-only mortgage securities.
To reach Dan Margolies, call 816-234-4481 or send e-mail to dmargolies@kcstar.com.
To see more of The Kansas City Star, or to subscribe to the newspaper, go to http://www.kansascity.com. Copyright (c) 2008, The Kansas City Star, Mo. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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