Opteum Inc. Announces Sale of Additional Mortgage Servicing Rights
July 26 2007 - 8:24AM
Business Wire
Opteum Inc. (NYSE:OPX) (�Opteum� or the �Company�), a real estate
investment trust (�REIT�), today announced that its majority-owned
subsidiary, Orchid Island TRS, LLC (�OITRS�), has entered into a
definitive agreement to sell substantially all of its remaining
mortgage servicing portfolio. The aggregate unpaid principal
balance of the loans underlying the servicing rights sold was
approximately $2.97 billion as of June 30, 2007. The sales proceeds
will be used to repay debt that is currently secured by OITRS�s
mortgage servicing portfolio and for other general corporate
purposes. The transaction, which is subject to various closing
conditions, is expected to be completed by September 4, 2007. Terms
were not disclosed. About Opteum Opteum Inc. is a REIT that invests
primarily in, but is not limited to, residential mortgage-related
securities issued by the Federal National Mortgage Association
(Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie
Mac) and the Government National Mortgage Association (Ginnie Mae).
Its objective is to earn returns on the spread between the yield on
its assets and its costs, including the interest expense on the
funds it borrows. Statements herein relating to matters that are
not historical facts are forward-looking statements as defined in
the Private Securities Litigation Reform Act of 1995. The reader is
cautioned that such forward-looking statements are based on
information available at the time and on management's good faith
belief with respect to future events, and are subject to risks and
uncertainties that could cause actual performance or results to
differ materially from those expressed in such forward-looking
statements. Important factors that could cause such differences are
described in Opteum Inc.'s filings with the Securities and Exchange
Commission, including Opteum Inc.'s most recent Annual Report on
Form 10-K or Quarterly Report on Form 10-Q. Opteum Inc. assumes no
obligation to update forward-looking statements to reflect
subsequent results, changes in assumptions or changes in other
factors affecting forward-looking statements.
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