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Mortgage

MFA Financial rides out stormy market with Q2 profit

By: globalinvestmentstrategy.com

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“We also securitized $303 million of primarily re-performing loans subsequent to quarter-end,” Knutson added. “Finally, we once again benefited from our $3.3 billion interest rate swap position, which generated a net positive carry of $29 million.”

The company’s securities portfolio grew to $863.3 million with the addition of $175.5 million in Agency MBS. MFA also reduced its real estate owned (REO) portfolio by selling 63 properties for a total of $25.6 million.

MFA’s 60+ day delinquencies improved to 6.5% from 6.9% in the previous quarter. The company completed two loan securitizations during the quarter, bringing its total securitized debt to approximately $5 billion.

MFA increased its interest rate swap position to a notional amount of approximately $3.3 billion. The company estimates the net effective duration of its investment portfolio rose to 1.12 from 0.98 over the second quarter.

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https://www.highcpmgate.com/f0c2i8ki?key=d7778888e3d5721fde608bfdb62fd997
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