Former Hanover Capital managing director George Ostendorf has launched a new firm to invest in distressed and illiquid mortgages.Mr. Ostendorf began working on the formation of American Mortgage Capital Group LLC earlier this year, right after he resigned from the Chicago-based Hanover. For now, AMCG will focus on buying first liens secured by residential properties. The distressed loan market could swell to more than $100 billion as the subprime crisis results in record foreclosures over the next year. AMCG is headquartered in Bannockburn, Ill.

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