Hanover Capital Mortgage Holdings Inc., announced today that George J. Ostendorf has resigned as Senior Managing Director of the company and a member of its Board of Directors.
The resignation was effective as of December 29, 2006, according to a company statement.
Ostendorf was a member of the company's board since its inception, and Hanover CEO John Burchett said the company has no plans to replace him. "As HCM has reduced many activities of its taxable subsidiaries, we mutually decided that it is in the firm's best interest for Hanover to reduce its executive staff," said Burchett.
Hanover Capital Mortgage Holdings, Inc. is a mortgage REIT that invests in mortgage-backed securities and mortgage loans, and its subsidiaries provide consulting, outsourcing, and technology services to the mortgage industry.