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HMIC |
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HMIC was forced to take these actions when it was unable to satisfactorily resolve mortgage repurchase claims asserted by selected investors that had purchased mortgage loans from HMIC. The transaction was recorded using purchase accounting and accordingly the results for the quarter ended September 30, 2006 include the results of operations for HMIC only for July and August and the consolidated results of both HMIC and MAW operations for the month of September. Harbourton is a holding company for two financial service businesses, mezzanine lending to developers and homebuilders conducted by the Harbourton Financial Corporation ("HFC"), and mortgage banking through HMIC. |
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