Opteum Financial Services, LLC Completes $934.4 Million Securitization
29 3월 2006 - 6:40AM
Business Wire
Opteum Inc. (NYSE:OPX), a real estate investment trust (REIT) that
operates an integrated mortgage-related securities investment
portfolio and a mortgage origination platform, today announced that
its wholly owned subsidiary, Opteum Financial Services, LLC, or
OFS, has completed a securitization of $934.4 million of fixed- and
adjustable-rate mortgages. The securitization was underwritten by
Bear Stearns and UBS Investment Bank and represents the twelfth for
OFS (six on the current OPMAC shelf and six on the predecessor HMAC
shelf - OFS operated previously under the name of Homestar Mortgage
Services, LLC). This transaction continues OFS's strategy of
originating and securitizing high quality mortgages through each of
its three origination channels (retail, wholesale and conduit),
which operate in 44 states throughout the U.S. Details of the
offering will be available on Bloomberg under OPMAC 2006-1. -0- *T
Key metrics of the mortgage loan portfolio collateralizing the
securitization include: Unpaid principal balance $934,441,048
Number of loans 3,062 Average loan balance $305,173
Weighted-average coupon rate 6.429% Weighted-average lifetime
mortgage rate 9.389% Weighted-average original term, in months
357.85 Weighted-average remaining term, in months 355.00
Weighted-average loan-to-value ratio (LTV) 72.53% Weighted-average
FICO score 704 Top five geographic concentrations (% exposure):
California 62.36% Georgia 10.51% New Jersey 6.70% New York 4.42%
Florida 4.20% Occupancy status: Owner occupied 89.32% Second home
2.72% Investor 7.96% Property type: Single-family 85.34%
Condominium 8.15% Other residential 6.51% *T Opteum Inc. is a real
estate investment trust (REIT), which operates an integrated
mortgage-related investment portfolio and a mortgage origination
platform. The REIT 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). It earns returns on the spread
between the yield on its assets and its costs, including the
interest expense on the funds it borrows. Opteum's mortgage
origination platform, Opteum Financial Services, originates, buys,
sells, and services residential mortgages from 35 offices
throughout the United States and operates as a taxable REIT
subsidiary, OFS. This news release contains forward-looking
statements made pursuant to the "safe harbor" provisions of 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 the statements. Important
factors that could cause such differences are described in the
periodic filings of Opteum Inc. with the Securities and Exchange
Commission, including Opteum Inc.'s Registration Statement on Form
S-11. Opteum Inc. assumes no obligation to update forward-looking
information to reflect subsequent results, changes in assumptions
or changes in other factors affecting forward-looking information.
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