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Annaly Capital Management, Inc. Message Board

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  • tomclark2045 tomclark2045 Sep 10, 2003 11:38 PM Flag

    Stupid is as stupid does....

    2nd link was just to home page. I did read the first article. Helpful, thanks.

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    • Sorry about the second link. Here is what I thought was valuable. This can only be understood well though, after reading the first link!

      Annaly Mortgage Management, Inc. (ticker: NLY, exchange: New York Stock Exchange) News Release - 9/9/03

      Annaly Mortgage Management, Inc. Reiterates Third Quarter 2003 as Transition Quarter

      NEW YORK--(BUSINESS WIRE)--Sept. 9, 2003--Annaly Mortgage Management, Inc. (NYSE: NLY) (the "Company") reiterated today the comments made on its second quarter 2003 earnings conference call held on July 29, 2003. "As we previously indicated to shareholders, the high level of mortgage refinancings is having a meaningful impact on our earnings," said Michael A.J. Farrell, Chairman, Chief Executive Officer and President of Annaly. "The recently released September government Agency factors (representing August activity) confirmed that the pace of prepayments of the last several months is continuing. As a result, for the third quarter we will experience extremely high levels of premium amortization on our securities. We currently believe that the dividend for the third quarter 2003 will be between $0.25 and $0.30 per share."

      ****The Mortgage Bankers Association weekly Refinancing Index hit an all-time high of 9,977 on May 30, 2003. The index reflects the number of refinancing applications filed during the prior calendar week. Since then, the Refinancing Index has fallen 80% to 1,981.**** (Note: This is a very important point.) Since Annaly's IPO in 1997, the average for this index is 2,240. "While this is welcome news for investors in mortgage-backed securities," said Mr. Farrell, "the two to three month lag between the filing of a mortgage refinance application and the actual closing of the mortgage loan means that our portfolio is only now feeling the effects of the peak in the Refinancing Index. However, the consensus among Wall Street analysts is that prepayment speeds will slow substantially going forward. In our second quarter release and earnings call, we characterized the third quarter as a transition quarter. *****Looking ahead to the fourth quarter and beyond, we expect that the substantial reduction in prepayment speeds and premium amortization will serve to enhance earnings."****

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