Section 312 loans are designed to help eliminate the spread of slums by encouraging property owners to upgrade and preserve neighborhoods and rehabilitate private property. The Federal Government supplies the loan funds, which are processed by local communities.
The transaction is believed by HCP to be the largest ever Internet sale of US Government financial assets. Information was disseminated, due diligence was performed and images were reviewed on the Web using Hanover's AssetOnsite, which allows bidders to create ad-hoc stratification reports on a loan level or summary basis.
Joyce S. Mizerak, president of Hanover Capital, notes that the firm, "was able to successfully align investor preferences and HUD requirements for the three pools of diverse assets."
HCMH is a mortgage REIT that invests in mortgage loans and mortgage-backed securities. MCP provides consulting, due diligence and related services and prepares mortgage assignment documents for third parties.
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