MortgageIT Holdings Closes $707.8 Million Loan Securitization
26 August 2005 - 7:37AM
PR Newswire (US)
Company Has Securitized $3.1 Billion in Assets Year to Date NEW
YORK, Aug. 25 /PRNewswire-FirstCall/ -- MortgageIT Holdings, Inc.
(NYSE:MHL), a residential mortgage real estate investment trust
(REIT), announced the completion of its fourth loan securitization
of 2005, a public offering of approximately $707.8 million in
aggregate principal amount of notes backed by residential, first
lien adjustable-rate mortgage (ARM) and hybrid ARM loans, through
MortgageIT Trust 2005-4. RBS Greenwich Capital served as lead
underwriter of the transaction, and Credit Suisse First Boston, and
Bear, Stearns & Co. Inc. served as co-managers. Proceeds from
the offering will be used to provide long-term financing of
mortgage loans originated by MortgageIT Holdings' taxable REIT
subsidiary. The approximate amount of each class of Notes together
with the interest rate and credit ratings for each class granted by
S&P and Moody's, respectively, are set forth below: Class
Interest Rate Initial Note Initial Rating Principal Balance
(S&P/Moody's) A-1 One month LIBOR plus 28 Bps $585,573,000
AAA/Aaa M-1 One month LIBOR plus 45 Bps $53,365,000 AAA/NR M-2 One
month LIBOR plus 54 Bps $27,764,000 AA+/NR M-3 One month LIBOR plus
57 Bps $19,471,000 AA/NR M-4 One month LIBOR plus 65 Bps $3,606,000
AA-/NR B-1 One month LIBOR plus 1.10% $9,736,000 A/NR B-2 One month
LIBOR plus 1.75% $4,687,000 BBB+/NR B-3 One month LIBOR plus 2.50%
$3,606,000 BBB/NR Total Notes: $707,808,000 The trust includes
approximately $721.1 million in first lien, adjustable-rate
mortgage loans secured by one-to- four family residential real
properties and individual condominium units as of August 1, 2005.
About MortgageIT Holdings, Inc. MortgageIT Holdings, Inc.
(NYSE:MHL) is a self-administered mortgage real estate investment
trust ("REIT") focused on the residential lending market. The
Company self-originates its investment portfolio of high quality
adjustable rate mortgage ("ARM") loans through MortgageIT, Inc.,
its wholly owned residential mortgage banking subsidiary.
MortgageIT, Inc. is a full-service residential mortgage banking
company that is licensed to originate loans throughout the United
States. MortgageIT Holdings is organized and conducts its
operations to qualify as a REIT for federal income tax purposes.
MortgageIT is organized and operates as MortgageIT Holdings'
taxable REIT subsidiary. For more information, please visit
http://www.mortgageitholdings.com/. DATASOURCE: MortgageIT
Holdings, Inc. CONTACT: Investors, Sean McGrath, +1-212-651-4637,
or Media, Ted J. Stacer, +1-212-651-7653, both of MortgageIT
Holdings, Inc.; or Joe LoBello of Brainerd Communicators, Inc.,
+1-212-986-6667, for MortgageIT Holdings, Inc. Web site:
http://www.mortgageitholdings.com/
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