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Mortgage-Backed Securities Obtained Through HanoverTrade Inc.
Source: www.phil.frb.org
Topic: Mortgage Marketing
Sort Desciption: He was previously managing director at Mortgage Marketing Services Inc. and. senior vice president with CoreStates Capital Markets ...
Content Inside: Mortgage-Backed Securities Obtained Through HanoverTrade Inc. ORGANIZATION: HanoverTrade Inc. Edison New Jersey and Fort Lauderdale Florida INVESTMENT OPPORTUNITY: The CRA Source a division of HanoverTrade Inc. works with major residential-mortgage originators to identify newly originated mortgage loans made to low- and moderate-income borrowers or in low- and moderate-income census tracts. The resultant pools tailored to individual banks assessment area needs are converted by the originators into mortgage-backed securities (MBS) for sale to the CRA Sources financial institution clients. The mortgage loans conform to underwriting criteria of Fannie Mae Freddie Mac or the Government National Mortgage Association. GEOGRAPHIC AREA SERVED: U.S.A. (The organization identified above indicates that the following categories apply to this investment opportunity.) FORM OF INVESTMENT: Are the funds to be provided as an: Investment Deposit Membership share Grant PURPOSE OF INVESTMENT: Does the primary purpose of the investment address: Affordable housing for low- and moderate-income individuals Activities that promote economic development by financing small businesses or farms with gross annual revenues of under $1 million Community services targeted to low- and moderate- income individuals (such as child care educational services health services social services etc.) Activities that revitalize or stabilize low- and moderate- income geographies BACKGROUND: HanoverTrade Inc. is a subsidiary of Hanover Capital Mortgage Holdings Inc. a mortgage real estate investment trust based in New York City. HanoverTrade Inc. operates a web-based exchange for trading whole loans and provides asset valuation analysis and marketing services. The CRA Source which began operations in April 2000 has four employees. Two of the employees focus on database management and administrative support in HanoverTrades corporate headquarters in Edison New Jersey while two traders are locat ...
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