Opteum to Sell Retail Mortgage Origination Platform for an Estimated $5 Million Plus Assumption of Certain Liabilities
07 Mayo 2007 - 3:05PM
Business Wire
Opteum Inc. (NYSE:OPX) (�Opteum� or the �Company�), a real estate
investment trust (�REIT�), today announced that its subsidiary,
Opteum Financial Services, LLC (�OFS�), has entered into a
definitive agreement with Prospect Mortgage Company, LLC,
concerning the sale of substantially all of the assets related to
OFS�s retail mortgage origination business (the �Business�) and
certain other assets associated with OFS�s corporate staff
functions for an estimated aggregate purchase price of $5 million
plus the assumption of certain lease and other liabilities related
to the Business and the assets being sold. The transaction, which
is subject to certain closing conditions, is scheduled to be
completed during the second quarter of 2007. �Given the reduced
demand for mortgage products and services and the deterioration in
the secondary market for closed mortgage loans, this transaction
will enable us to refocus our energies on managing and growing our
RMBS portfolio, while stemming OFS�s losses associated with
mortgage originations,� said Jeffrey J. Zimmer, Chairman, President
and Chief Executive Officer. �Upon completion of this transaction
and the wind down of OFS�s Conduit and Wholesale mortgage
origination divisions, we will be out of the mortgage origination
business entirely. Certain costs associated with exiting the
mortgage origination business will be reflected in our first
quarter and second quarter results,� Mr. Zimmer added. For further
information, please refer to the Company's filings with the
Securities and Exchange Commission. These filings are available on
the Company's website at www.opteum.com under the "Investor
Information" page and also may be obtained at www.sec.gov. 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). It attempts 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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