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HCM Needs Capital Infusion to Survive 4Q Crisis.
Edison, NJ -- Hanover Capital Mortgage Holdings, an "A" paper mortgage investing REIT, lost $37.7 million in the fourth quarter and signaled that it may not continue as a going concern unless it receives a capital infusion.
It blamed its problems on market conditions, which led to "significant" writedowns on its mortgage holdings.
"Additional sources of capital are required for the company to generate positive cash flow and continue operations beyond 2008," the REIT said a statement.
For the year, Hanover lost $80 million in 2007, compared to a slight loss for the prior year.
Hanover Capital invests in prime mortgage securities and in mortgage loans on a financially leveraged basis.
Its portfolio of ...
- HCM Needs Capital Infusion to Survive 4Q Crisis.
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Source: HighBeam Research, HCM Needs Capital Infusion to Survive 4Q Crisis.