To date, however, Hanover has been able to meet its investment needs. A rise in interest rates may cause a decrease in the market value of the mortgage loans and thereby may cause financing firms to require additional collateral.
Management of these risks varies depending on the asset class. Because REITs generally are not subject to corporate 9 income tax, this reduced tax rate does not generally apply to ordinary REIT dividends, which continue to be taxed at the higher tax rates applicable to ordinary income.
Any of those new laws or interpretations thereof may take effect retroactively and could adversely affect us or our shareholders. Our borrowing arrangements are generally structured in a manner designed to avoid generating significant amounts of excess inclusion income.
The retained subordinated certificates from A and B collateralized a securitization, A, of which Hanover retained certain of the A certificates. Excess inclusion income would be generated if we were to issue debt obligations with two or more maturities and the terms of the payments on these obligations bore a relationship to the payments received on the mortgage related assets securing those debt obligations.
Rising interest rates may both decrease the market value of the mortgage loans and increase the cost of Repurchase Agreement financing. Hcs 571 establishing acceptability a result of this apparent changing view of the SEC, Hanover has had to modify and adjust its operations to ensure continued compliance with exemption from regulation as an investment company under the Act.
A pool or pools of mortgage loans may reach a size where hedging our borrowing rates that finance our mortgage loan purchases may be prudent in order to avoid the increased interest expense associated with rising interest rates.
Generally, upon repayment of each borrowing, the mortgage asset used to secure the borrowing will immediately be pledged to secure a new Repurchase Agreement. Each quarter, we subtract the face amount of the financing used for the securities from the current market value of the mortgage assets to obtain our current equity positions.
Hanover has also had to reexamine how the licensed entities that acquire mortgage loans for Hanover are structured and consolidated. We intend at all times to continue to comply with the requirements for qualification as a REIT under the Code, as described below. Measurement issues are related to tests being performed on a consolidated or unconsolidated basis.
As a result of these procedures, the leverage of our balance sheet will change with the performance of our investments.
With approval of the Board of Directors, management may change the CAG criteria for a class of investments or for an individual investment based on its prepayment and credit performance relative to the market and our ability to predict or economically hedge the risk of the investments.
Available Information The Company makes available on its website, www.
Where required, an updated property valuation is obtained. Trademarks We own five trademarks that have been registered with the United States Patent and Trademark Office which expire in MaySeptemberMayJune and Septemberrespectively.
When we purchase mortgage loans, the credit underwriting process varies depending on the pool characteristics, including loan seasoning or age, loan-to-value ratios, payment histories and counterparty representations and warranties.
The CAG establishes a liquidity requirement and leverage criteria for each class of investment which is intended to keep our leverage balanced by: Notwithstanding the legislation, pursuant to our compliance guidelines, we intend to monitor closely the purchase and holding of our assets in order to comply with the foregoing asset tests.
We attempt to reduce counterparty risk by periodically evaluating the credit worthiness of sellers, servicers, and sponsors of Subordinate MBS and mortgage loans. Our policy to maintain REIT status may limit the types of assets, including hedging contracts and other securities, that we otherwise might acquire.
Good credit or prepayment performance may release equity for purchase of additional investments. In addition, economic hedging involves transaction and other costs which can increase, sometimes dramatically, as the period covered by the economic hedge increases. The majority of the work is performed by HCP.
We manage margin risk with our liquidity policy, whereby a percentage of the financed amount is held in cash or cash equivalents or other readily marketable assets.VA» Health Care» Office of R&D» About» FY Funded Projects Office of Research & Development.
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