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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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28 -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28