Attached files
file | filename |
---|---|
EX-32 - EX-32 - CAPSTEAD MORTGAGE CORP | cmo-ex32_8.htm |
EX-31.1 - EX-31.1 - CAPSTEAD MORTGAGE CORP | cmo-ex311_7.htm |
EX-12 - EX-12 - CAPSTEAD MORTGAGE CORP | cmo-ex12_6.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
✓ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended: June 30, 2017
OR
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ____________ to ______________
Commission File Number: 001-08896
CAPSTEAD MORTGAGE CORPORATION
(Exact name of Registrant as specified in its Charter)
Maryland |
|
75-2027937 |
(State or other jurisdiction of |
|
(I.R.S. Employer |
incorporation or organization) |
|
Identification No.) |
8401 North Central Expressway, Suite 800, Dallas, TX |
|
75225-4404 |
(Address of principal executive offices) |
|
(Zip Code) |
(214) 874-2323
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES ✓ NO
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES ✓ NO
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ✓ Accelerated filer Non-accelerated filer Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES NO ✓
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock ($0.01 par value) |
|
96,104,662 as of August 4, 2017 |
FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2017
INDEX
-2-
PART I. — FINANCIAL INFORMATION
CAPSTEAD MORTGAGE CORPORATION
(in thousands, except pledged and per share amounts)
|
|
June 30, 2017 |
|
December 31, 2016 |
|
|||
|
|
(unaudited) |
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Residential mortgage investments ($13.10 and $12.81 billion pledged at June 30, 2017 and December 31, 2016, respectively) |
|
$ |
13,598,890 |
|
|
$ |
13,316,282 |
|
Cash collateral receivable from interest rate swap counterparties |
|
|
47,518 |
|
|
|
29,660 |
|
Interest rate swap agreements at fair value |
|
|
2,470 |
|
|
|
24,709 |
|
Cash and cash equivalents |
|
|
59,226 |
|
|
|
56,732 |
|
Receivables and other assets |
|
|
154,869 |
|
|
|
149,493 |
|
|
|
$ |
13,862,973 |
|
|
$ |
13,576,876 |
|
Liabilities |
|
|
|
|
|
|
|
|
Secured borrowings |
|
$ |
12,454,183 |
|
|
$ |
12,145,346 |
|
Interest rate swap agreements at fair value |
|
|
24,787 |
|
|
|
24,417 |
|
Unsecured borrowings |
|
|
98,140 |
|
|
|
98,090 |
|
Common stock dividend payable |
|
|
20,611 |
|
|
|
22,634 |
|
Accounts payable and accrued expenses |
|
|
19,669 |
|
|
|
38,702 |
|
|
|
|
12,617,390 |
|
|
|
12,329,189 |
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
Preferred stock - $0.10 par value; 100,000 shares authorized: |
|
|
|
|
|
|
|
|
7.50% Cumulative Redeemable Preferred Stock, Series E, 8,631 and 8,234 shares issued and outstanding ($215,787 and $205,849 aggregate liquidation preferences) at June 30, 2017 and December 31, 2016, respectively |
|
|
208,870 |
|
|
|
199,059 |
|
Common stock - $0.01 par value; 250,000 shares authorized: |
|
|
|
|
|
|
|
|
96,063 and 95,989 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively |
|
|
961 |
|
|
|
960 |
|
Paid-in capital |
|
|
1,281,239 |
|
|
|
1,288,346 |
|
Accumulated deficit |
|
|
(346,464 |
) |
|
|
(346,464 |
) |
Accumulated other comprehensive income |
|
|
100,977 |
|
|
|
105,786 |
|
|
|
|
1,245,583 |
|
|
|
1,247,687 |
|
|
|
$ |
13,862,973 |
|
|
$ |
13,576,876 |
|
See accompanying notes to consolidated financial statements.
-3-
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)
|
|
Quarter Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
June 30 |
|
|
June 30 |
|
||||||||||
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
||||
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage investments |
|
$ |
56,103 |
|
|
$ |
53,309 |
|
|
$ |
110,944 |
|
|
$ |
112,809 |
|
Other |
|
|
238 |
|
|
|
128 |
|
|
|
391 |
|
|
|
320 |
|
|
|
|
56,341 |
|
|
|
53,437 |
|
|
|
111,335 |
|
|
|
113,129 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured borrowings |
|
|
(33,850 |
) |
|
|
(27,014 |
) |
|
|
(62,090 |
) |
|
|
(53,596 |
) |
Unsecured borrowings |
|
|
(1,900 |
) |
|
|
(1,976 |
) |
|
|
(3,791 |
) |
|
|
(3,953 |
) |
|
|
|
(35,750 |
) |
|
|
(28,990 |
) |
|
|
(65,881 |
) |
|
|
(57,549 |
) |
|
|
|
20,591 |
|
|
|
24,447 |
|
|
|
45,454 |
|
|
|
55,580 |
|
Other revenue (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation-related expense |
|
|
(1,833 |
) |
|
|
(2,042 |
) |
|
|
(2,948 |
) |
|
|
(5,266 |
) |
Other general and administrative expense |
|
|
(1,276 |
) |
|
|
(1,157 |
) |
|
|
(2,338 |
) |
|
|
(2,326 |
) |
Miscellaneous other revenue |
|
|
67 |
|
|
|
382 |
|
|
|
82 |
|
|
|
995 |
|
|
|
|
(3,042 |
) |
|
|
(2,817 |
) |
|
|
(5,204 |
) |
|
|
(6,597 |
) |
Net income |
|
$ |
17,549 |
|
|
$ |
21,630 |
|
|
$ |
40,250 |
|
|
$ |
48,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
17,549 |
|
|
$ |
21,630 |
|
|
$ |
40,250 |
|
|
$ |
48,983 |
|
Less preferred stock dividends |
|
|
(4,018 |
) |
|
|
(3,843 |
) |
|
|
(7,882 |
) |
|
|
(7,669 |
) |
|
|
$ |
13,531 |
|
|
$ |
17,787 |
|
|
$ |
32,368 |
|
|
$ |
41,314 |
|
Net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
0.14 |
|
|
$ |
0.19 |
|
|
$ |
0.34 |
|
|
$ |
0.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
95,756 |
|
|
|
95,648 |
|
|
|
95,755 |
|
|
|
95,631 |
|
Diluted |
|
|
95,916 |
|
|
|
95,786 |
|
|
|
95,895 |
|
|
|
95,766 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common |
|
$ |
0.21 |
|
|
$ |
0.23 |
|
|
$ |
0.42 |
|
|
$ |
0.49 |
|
Series E preferred |
|
|
0.47 |
|
|
|
0.47 |
|
|
|
0.94 |
|
|
|
0.94 |
|
See accompanying notes to consolidated financial statements.
-4-
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands, unaudited)
|
|
Quarter Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
June 30 |
|
|
June 30 |
|
||||||||||
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
||||
Net income |
|
$ |
17,549 |
|
|
$ |
21,630 |
|
|
$ |
40,250 |
|
|
$ |
48,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts related to available-for-sale securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in net unrealized gains |
|
|
(11,420 |
) |
|
|
16,917 |
|
|
|
(7,424 |
) |
|
|
29,400 |
|
Amounts related to cash flow hedges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in net unrealized gains (losses) |
|
|
(6,487 |
) |
|
|
(22,145 |
) |
|
|
1,609 |
|
|
|
(54,272 |
) |
Reclassification adjustment for amounts included in net income |
|
|
(655 |
) |
|
|
5,826 |
|
|
|
1,006 |
|
|
|
11,180 |
|
|
|
|
(18,562 |
) |
|
|
598 |
|
|
|
(4,809 |
) |
|
|
(13,692 |
) |
Comprehensive income (loss) |
|
$ |
(1,013 |
) |
|
$ |
22,228 |
|
|
$ |
35,441 |
|
|
$ |
35,291 |
|
See accompanying notes to consolidated financial statements.
-5-
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)
|
|
Six Months Ended June 30 |
|
|||||
|
|
2017 |
|
|
2016 |
|
||
Operating activities: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
40,250 |
|
|
$ |
48,983 |
|
Noncash items: |
|
|
|
|
|
|
|
|
Amortization of investment premiums |
|
|
64,046 |
|
|
|
59,063 |
|
Amortization of equity-based awards |
|
|
1,274 |
|
|
|
1,189 |
|
Other depreciation and amortization |
|
|
59 |
|
|
|
66 |
|
Change in measureable hedge ineffectiveness related to interest rate swap agreements designated as cash flow hedges |
|
|
899 |
|
|
|
546 |
|
Net change in receivables, other assets, accounts payable and accrued expenses |
|
|
1,716 |
|
|
|
(781 |
) |
Net cash provided by operating activities |
|
|
108,244 |
|
|
|
109,066 |
|
Investing activities: |
|
|
|
|
|
|
|
|
Purchases of residential mortgage investments |
|
|
(2,275,907 |
) |
|
|
(1,512,737 |
) |
Interest receivable acquired with the purchase of residential mortgage investments |
|
|
(3,613 |
) |
|
|
(1,977 |
) |
Principal collections on residential mortgage investments, including changes in mortgage securities principal remittance receivable |
|
|
1,913,662 |
|
|
|
1,706,266 |
|
Redemptions of lending counterparty investments |
|
– |
|
|
|
30,000 |
|
|
Net cash (used in) provided by investing activities |
|
|
(365,858 |
) |
|
|
221,552 |
|
Financing activities: |
|
|
|
|
|
|
|
|
Proceeds from repurchase arrangements and similar borrowings |
|
|
75,996,185 |
|
|
|
60,553,581 |
|
Principal payments on repurchase arrangements and similar borrowings |
|
|
(75,687,347 |
) |
|
|
(58,584,344 |
) |
Proceeds from other secured borrowings |
|
– |
|
|
|
1,175,000 |
|
|
Principal payments on other secured borrowings |
|
– |
|
|
|
(3,300,000 |
) |
|
Increase in cash collateral receivable from interest rate swap counterparties |
|
|
(17,858 |
) |
|
|
(42,977 |
) |
Net proceeds from interest rate swap settlements |
|
|
9,775 |
|
|
– |
|
|
Proceeds from issuance of preferred shares |
|
|
9,845 |
|
|
|
1,167 |
|
Other capital stock transactions |
|
|
(261 |
) |
|
|
(57 |
) |
Dividends paid |
|
|
(50,231 |
) |
|
|
(58,002 |
) |
Net cash provided by (used in) financing activities |
|
|
260,108 |
|
|
|
(255,632 |
) |
Net change in cash and cash equivalents |
|
|
2,494 |
|
|
|
74,986 |
|
Cash and cash equivalents at beginning of period |
|
|
56,732 |
|
|
|
54,185 |
|
Cash and cash equivalents at end of period |
|
$ |
59,226 |
|
|
$ |
129,171 |
|
See accompanying notes to consolidated financial statements.
-6-
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2017
(unaudited)
NOTE 1 — BUSINESS
Capstead Mortgage Corporation operates as a self-managed real estate investment trust for federal income tax purposes (a “REIT”) and is based in Dallas, Texas. Unless the context otherwise indicates, Capstead Mortgage Corporation, together with its subsidiaries, is referred to as “Capstead” or the “Company.” Capstead earns income from investing in a leveraged portfolio of residential mortgage pass-through securities consisting almost exclusively of adjustable-rate mortgage (“ARM”) securities issued and guaranteed by government-sponsored enterprises, either Fannie Mae, Freddie Mac, or by an agency of the federal government, Ginnie Mae. Residential mortgage pass-through securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae are referred to as “Agency Securities” and are considered to have limited, if any, credit risk.
NOTE 2 — BASIS OF PRESENTATION
Interim Financial Reporting
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the quarter and six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2017. For further information refer to the audited consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2016.
Recent Accounting Pronouncements
In March 2016, the Financial Accounting Standards Board issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”) as part of its simplification initiative, which involves several aspects of accounting for share-based payment transactions, including related income tax effects, statutory withholding requirements, forfeitures and classification on the statement of cash flows. ASU 2016-09 is effective for public companies for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company adopted ASU 2016-09 on January 1, 2017, which had no effect on its results of operations, financial condition or cash flows.
NOTE 3 — NET INCOME PER COMMON SHARE
Basic net income per common share is computed by dividing net income, after deducting dividends paid or accrued on preferred stock and allocating earnings to equity awards deemed to be participating securities pursuant to the two-class method, by the average number of shares of common stock outstanding, calculated excluding unvested stock awards. Participating securities include unvested equity awards that contain non-forfeitable rights to dividends prior to vesting.
-7-
Diluted net income per common share is computed by dividing the numerator used to compute basic net income per common share by the denominator used to compute basic net income per common share, further adjusted for the dilutive effect, if any, of equity awards and shares of preferred stock when and if convertible into shares of common stock. Shares of the Company’s 7.50% Series E Cumulative Redeemable Preferred Stock are contingently convertible into shares of common stock only upon the occurrence of a change in control and therefore are not considered dilutive securities absent such an occurrence. Any unvested equity awards that are deemed participating securities are included in the calculation of diluted net income per common share, if dilutive, under either the two-class method or the treasury stock method, depending upon which method produces the more dilutive result. Components of the computation of basic and diluted net income per common share were as follows for the indicated periods (dollars in thousands, except per share amounts):
|
|
Quarter Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
June 30 |
|
|
June 30 |
|
||||||||||
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
||||
Basic net income per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator for basic net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
17,549 |
|
|
$ |
21,630 |
|
|
$ |
40,250 |
|
|
$ |
48,983 |
|
Preferred stock dividends |
|
|
(4,018 |
) |
|
|
(3,843 |
) |
|
|
(7,882 |
) |
|
|
(7,669 |
) |
Earnings participation of unvested equity awards |
|
|
(40 |
) |
|
|
(39 |
) |
|
|
(80 |
) |
|
|
(83 |
) |
|
|
$ |
13,491 |
|
|
$ |
17,748 |
|
|
$ |
32,288 |
|
|
$ |
41,231 |
|
Denominator for basic net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of shares of common stock outstanding |
|
|
96,063 |
|
|
|
95,947 |
|
|
|
96,062 |
|
|
|
95,930 |
|
Average unvested stock awards outstanding |
|
|
(307 |
) |
|
|
(299 |
) |
|
|
(307 |
) |
|
|
(299 |
) |
|
|
|
95,756 |
|
|
|
95,648 |
|
|
|
95,755 |
|
|
|
95,631 |
|
|
|
$ |
0.14 |
|
|
$ |
0.19 |
|
|
$ |
0.34 |
|
|
$ |
0.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator for diluted net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator for basic net income per common share |
|
$ |
13,491 |
|
|
$ |
17,748 |
|
|
$ |
32,288 |
|
|
$ |
41,231 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator for diluted net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator for basic net income per common share |
|
|
95,756 |
|
|
|
95,648 |
|
|
|
95,755 |
|
|
|
95,631 |
|
Net effect of dilutive equity awards |
|
|
160 |
|
|
|
138 |
|
|
|
140 |
|
|
|
135 |
|
|
|
|
95,916 |
|
|
|
95,786 |
|
|
|
95,895 |
|
|
|
95,766 |
|
|
|
$ |
0.14 |
|
|
$ |
0.19 |
|
|
$ |
0.34 |
|
|
$ |
0.43 |
|
-8-
NOTE 4 — RESIDENTIAL mortgage investments
Residential mortgage investments classified by collateral type and interest rate characteristics as of the indicated dates were as follows (dollars in thousands):
|
|
Unpaid Principal Balance |
|
|
Investment Premiums |
|
|
Amortized Cost Basis |
|
|
Carrying Amount (a) |
|
|
Net WAC (b) |
|
|
Average Yield (b) |
|
||||||
June 30, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agency Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fannie Mae/Freddie Mac: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed-rate |
|
$ |
323 |
|
|
$ |
– |
|
|
$ |
323 |
|
|
$ |
323 |
|
|
|
6.55 |
% |
|
|
6.31 |
% |
ARMs |
|
|
10,467,784 |
|
|
|
329,286 |
|
|
|
10,797,070 |
|
|
|
10,895,295 |
|
|
|
2.87 |
|
|
|
1.72 |
|
Ginnie Mae ARMs |
|
|
2,615,428 |
|
|
|
83,935 |
|
|
|
2,699,363 |
|
|
|
2,699,349 |
|
|
|
2.59 |
|
|
|
1.41 |
|
|
|
|
13,083,535 |
|
|
|
413,221 |
|
|
|
13,496,756 |
|
|
|
13,594,967 |
|
|
|
2.82 |
|
|
|
1.66 |
|
Residential mortgage loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed-rate |
|
|
689 |
|
|
|
1 |
|
|
|
690 |
|
|
|
690 |
|
|
|
6.72 |
|
|
|
4.14 |
|
ARMs |
|
|
1,649 |
|
|
|
8 |
|
|
|
1,657 |
|
|
|
1,657 |
|
|
|
3.81 |
|
|
|
3.13 |
|
|
|
|
2,338 |
|
|
|
9 |
|
|
|
2,347 |
|
|
|
2,347 |
|
|
|
4.67 |
|
|
|
3.42 |
|
Collateral for structured financings |
|
|
1,550 |
|
|
|
26 |
|
|
|
1,576 |
|
|
|
1,576 |
|
|
|
8.01 |
|
|
|
7.81 |
|
|
|
$ |
13,087,423 |
|
|
$ |
413,256 |
|
|
$ |
13,500,679 |
|
|
$ |
13,598,890 |
|
|
|
2.82 |
|
|
|
1.66 |
|
December 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agency Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fannie Mae/Freddie Mac: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed-rate |
|
$ |
385 |
|
|
$ |
1 |
|
|
$ |
386 |
|
|
$ |
386 |
|
|
|
6.65 |
% |
|
|
6.44 |
% |
ARMs |
|
|
10,057,761 |
|
|
|
314,799 |
|
|
|
10,372,560 |
|
|
|
10,483,367 |
|
|
|
2.74 |
|
|
|
1.60 |
|
Ginnie Mae ARMs |
|
|
2,743,160 |
|
|
|
90,300 |
|
|
|
2,833,460 |
|
|
|
2,828,288 |
|
|
|
2.51 |
|
|
|
1.14 |
|
|
|
|
12,801,306 |
|
|
|
405,100 |
|
|
|
13,206,406 |
|
|
|
13,312,041 |
|
|
|
2.69 |
|
|
|
1.50 |
|
Residential mortgage loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed-rate |
|
|
735 |
|
|
|
1 |
|
|
|
736 |
|
|
|
736 |
|
|
|
6.72 |
|
|
|
4.01 |
|
ARMs |
|
|
1,839 |
|
|
|
9 |
|
|
|
1,848 |
|
|
|
1,848 |
|
|
|
3.80 |
|
|
|
2.96 |
|
|
|
|
2,574 |
|
|
|
10 |
|
|
|
2,584 |
|
|
|
2,584 |
|
|
|
4.63 |
|
|
|
3.26 |