Review Mortgage Lenders

Annaly Mortgage

Annaly Capital Management CEO


Surprise! Mortgage REITs Are Kicking Butt Since the Fed Started Raising Rates

!) On mREITs like Annaly and AGNC. Wall Street's worries over higher rates led to the expectation of a sizable reduction in net interest margin and dividends for both companies, but we just haven't seen that materialize to the extent that the Street expected. Both Annaly and AGNC are still yielding very close to 10%. Assuming their stock prices and dividends stayed pat, you could double your money in seven years on that payout alone!

While additional interest rate hikes are expected (possibly this December, and a few projected in 2018), which could weigh on the net interest margin of mREITs, those that specifically target agency-only mortgage-backed securities (MBS) should be in the best shape. Annaly and AGNC deal predominantly with agency-only MBSs, meaning their assets are guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae in the event of a default. This doesn't make agency-only mREITs impervious to an economic downturn, but it puts them in considerably better shape than their more aggressive peers that deal with non-agency assets.

Annaly Capital Management (NLY) Prices 65M Share Common Offering at ~$12/Sh

) Today announced that it has priced a public offering of 65,000,000 shares of its common stock, for expected gross proceeds of approximately $780 million before deducting estimated offering expenses. The offering is subject to customary closing conditions and is expected to close on or about October 11, 2017.

In connection with the offering, Annaly has granted the underwriters a thirty-day option to purchase up to an additional 9,750,000 shares of common stock.

Annaly intends to use the net proceeds of this offering to acquire targeted assets under the Company’s capital allocation policy, which may include further diversification of its investments in Agency assets as well as residential, commercial and corporate credit assets. These investments include, without limitation, residential credit assets (including residential mortgage loans), middle market corporate debt, Agency MBS pools, to-be-announced forward contracts, adjustable rate mortgages, commercial real estate loans and securities and mortgage servicing rights. Annaly also intends to use the net proceeds for general corporate purposes, including, without limitation, to pay down obligations and other working capital items.

The auditors of Annaly mortgage discovered that a lot of fictitious employees were on the payroll system and w?

The auditors of Annaly mortgage discovered that a lot of fictitious employees were on the payroll system and were being paid salaries. Neither the CFO nor the payroll manager was aware of the fraud.

To launder money from the company. Someone in the company added the fictitious employees in order to get money for themselves, possibly the bookkeeper.

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