Hanover Capital Mortgage Holdings
, a mortgage real estate investment trust, is delaying its Form 10-Q for the second quarter until next Monday, partly because of the turmoil in the lending arena.
The company is also rescheduling its earnings announcement for the second quarter and its investor conference call to Aug. 21.
"As the company previously announced on August 8, 2007, the company had to re-examine its position regarding declines in the fair value of its available for sale portfolio of its subordinate mortgage-backed securities collateralized by prime mortgage loans," said John A. Burchett, Hanover's president and CEO, in a press release Wednesday.
"Because of these conditions and due to a financing transaction that will have a material impact on the company's financial position and requires disclosure in the company's June 30, 2007, financial statements, the company will be unable to file its Form 10-Q by August 14, 2007," he continued.
Hanover, based in Edison, N.J., invests in prime mortgage loans and mortgage securities backed by prime mortgage loans.