MortgageIT Holdings Closes $1.0 Billion Loan Securitization
January 19 2005 - 3:05PM
PR Newswire (US)
MortgageIT Holdings Closes $1.0 Billion Loan Securitization
Transaction Marks Completion of Initial $2.4 Billion Residential
Loan Portfolio NEW YORK, Jan. 19 /PRNewswire-FirstCall/ --
MortgageIT Holdings, Inc. (NYSE:MHL), a residential mortgage real
estate investment trust (REIT), announced the completion of its
first loan securitization of 2005 and third overall, a public
offering of approximately $1 billion of notes backed by
residential, first-lien adjustable rate mortgage (ARM) and hybrid
ARM loans, through MortgageIT Trust 2005-1. UBS Investment Bank
served as lead underwriter and Merrill Lynch & Co. and Credit
Suisse First Boston served as co-managers of the transaction.
Proceeds from the offering will be used to provide long-term
financing of mortgage loans originated by MortgageIT Holdings'
taxable REIT subsidiary. "With this $1 billion securitization of
self-originated ARM loans, we received the most favorable terms we
have experienced during the completion of our initial loan
portfolio of $2.4 billion," said Doug Naidus, Chairman and Chief
Executive Officer of MortgageIT Holdings. "As with our first two
transactions, the underlying loans feature a strong credit profile,
enabling us to achieve an attractive leverage cost. In just over
three months, we have fulfilled our promise to stockholders by
securitizing more than $2.4 billion of self-originated ARM loans
and delivering a fully self-originated portfolio as scheduled."
About MortgageIT Holdings, Inc. MortgageIT Holdings, Inc.
(NYSE:MHL) is a residential mortgage real estate investment trust
(REIT), which self-originates its investment portfolio of high
quality ARM loans through MortgageIT, Inc. (MortgageIT), its wholly
owned residential mortgage lending subsidiary. MortgageIT is a
full-service residential mortgage banking company that is licensed
to originate loans throughout the United States. MortgageIT
originates single-family residential mortgage loans of all types,
with particular focus on prime adjustable-rate (ARM) loans to
include in the REIT portfolio. MortgageIT Holdings is organized and
conducts its operations to qualify as a REIT for federal income tax
purposes. MortgageIT is organized and operates as MortgageIT
Holdings' taxable REIT subsidiary. Certain items in this press
release may constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including statements relating to our ability to manage a fully-
leveraged, self-originated loan portfolio, and our anticipated loan
funding volume. These statements are based on management's current
expectations and beliefs and are subject to a number of trends and
uncertainties that could cause actual results to differ materially
from those described in the forward- looking statements. MortgageIT
Holdings can give no assurance that its expectations will be
attained. Factors that could cause actual results to differ
materially from MortgageIT Holdings' expectations include, but are
not limited to, MortgageIT's continued ability to originate new
loans, including loans that we deem suitable for our securitization
portfolio; changes in the capital markets, including changes in
interest rates and/or credit spreads; and other risks detailed in
MortgageIT Holdings' Registration Statement on Form S-11 that was
declared effective by the Securities and Exchange Commission (SEC)
on July 29, 2004 and from time to time in MortgageIT Holdings' SEC
Reports. Such forward-looking statements speak only as of the date
of this press release. MortgageIT Holdings expressly disclaims any
obligation to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in the Company's expectations with regard thereto or change in
events, conditions or circumstances on which any statement is
based. DATASOURCE: MortgageIT Holdings, Inc. CONTACT: Investors -
Sean McGrath, +1-646-346-8700, Media - Ted Swiecichowski,
+1-212-651-7653, both of MortgageIT Holdings, Inc.; or Joe LoBello
of Brainerd Communicators, Inc., +1-212-986-6667, for MortgageIT
Holdings, Inc.
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