Hanover Capital Mortgage Holdings, Inc. is a specialty finance company whose principal business is to generate net interest income on its portfolio of mortgage loans and mortgage securities backed by mortgage loans on a leveraged basis. The Company avoids investments in sub-prime or Alt-A loans or securities collateralized by sub-prime or Alt-A loans. It leverages its purchases of mortgage securities with borrowings obtained primarily through the use of sales with agreements to repurchase the securities. The Company conducts its operations as a real estate investment trust (REIT) and has one primary subsidiary, Hanover Capital Partners 2, Ltd. (HCP-2). In April 2009, Walter Industries, Inc. announced the completion of the separation of its Financing business and the merger of that business with Hanover Capital Mortgage Holdings, Inc. to create Walter Investment Management Corp.

Spun off by WLT (Walter's Energy) and merged with Hanover Capital Mortgage, is a REIT that manages a 1.8 billion dollar portfolio of Sub-prime, prime and non-conforming! (ie Moblil Homes) Mortgages ( with a delinquency rate under 6%). Insiders have recently gobbled up shares at a furious clip taking the stock price from 7 to just under 14 in less than 2 weeks. This, in spite of generous stock grants. One director, also Chairman of WLT, took down almost 2 million dollars worth of stock in three separate buys in the open market. The only revenue this company has at present is the yield from the mortgages, but with all the gov't programs, and the mortgage servicing and insurance divisions, there could be substantial earnings power hidden by all the recent machinations required to merge the companies. Not much info available since the merger was completed only a month ago, so you really need to read every SEC filing.

Could be a real sleeper. Building a portfolio based on insider buys.Subprime mortgage REIT? It should yield almost 12% around $13, and the $1.8B portfolio could be a hidden value should the economy improve.They are looking to announce the DIV. by june or mid july ! when announce we will see a pop in this stock !

2. ( S ) 5.06 as hare 6/1 target price 9.00 a share by 9/09

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