CEO John Burchett notes that, excluding the results of its subsidiary, HanoverTrade.com, which suffered net losses in the second quarter of $886,000, up from $679,000 in the Q1, the firm earned 38 cents per share from its investment portfolio. "Although HanoverTrade.com will produce losses for the short term, it is rapidly becoming known in the marketplace as the leading Internet whole loan trading platform," he says.
During the quarter, Hanover Trade inaugurated Asset Online for evaluating loan portfolios online. This technology was recently used by the US Department of Housing to auction $109 million in single-family and multifamily loans and deficiencies/charge-offs. The company believes that transaction is the largest sales of government assets online.
Based here, Hanover Capital Mortgage is a mortgage REIT that invests in mortgage loans and mortgage-backed securities. Another subsidiary, Hanover Capital Partners Ltd., provides loan consulting and due diligence services.
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