Hanover Inks $200M Repo Pact

Published June 28, 2006, 2:00 p.m. EDT

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Updated June 28, 2006, 2:00 p.m. EDT

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Hanover Capital Mortgage Holdings, Edison, N.J., has announced that the company and certain subsidiaries have entered into a master repurchase agreement with the New York branch of a German bank to finance the purchase of up to $200 million of prime residential mortgage loans.The bank is Deutsche Zentral-Genossenschaftbank, Frankfurt AM Main. Hanover said the five-year agreement provides financing of whole loans at a spread to the London interbank offered rate. The company said it expects to use the facility to expand its investments in residential mortgages and its subordinate mortgage-backed securities. Hanover, a mortgage real estate investment trust, can be found online at http://www.hanovercapitalholdings.com.

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