NY Mtge Trust Announces Additional Reduction In Leverage
Last Update: 3/18/2008 8:53:54 PM
DOW JONES NEWSWIRES
New York Mortgage Trust Inc. (NMTR) late Tuesday said that it sold $236 million
of agency mortgage-backed securities issused by Fannie Mae to reduce leverage in
its ABS portfolio.
This was in connection with its previously-announced decision to sell about $211
million of Fannie Mae mortgage-backed securities.
Both decisions prompted a realized loss of $13 million.
As of Tuesday, New York Mortgage’s MBS securities portfolio consisted of about
$539 million of Agency MBS and $31 million of AAA-rated non-Agency MBS. The
company also owns around $408 million of prime quality adjustable rate mortgage
loans permanently financed with collateralized debt obligations and held in
securitization trusts.
New York Mortgage said it still has $33 million of cash and unencumbered
securities available to meet margin calls and for new investments.
As a result, the company withdrew its fiscal 2008 earnings outlook of 45 cents to
55 cents a share.
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