Hanover Managing Director Resigns

Hanover Capital Mortgage Holdings Inc., a real estate investment trust, says senior managing director George Ostendorf has resigned from the company, effective Dec. 29.Mr. Ostendorf, who concentrated his efforts on Hanover's taxable subsidiaries (which include due-diligence reviews), said he is parting on good terms. He was a co-founder of Hanover's predecessor firm, which commenced business in 1989. The REIT primarily invests in subordinate mortgage-backed securities. Company chief executive John Burchett said Mr. Ostendorf "has been a valued member of our management team and our board since inception," but noted that the firm has reduced "many activities of its taxable subsidiaries." The publicly traded Hanover is based in Edison, N.J. Its stock is trading near a 52-week low. Mr. Ostendorf told MortgageWire that he will still have a "business relationship" with the firm but is looking at other opportunities.