$1B public offering.MortgageIT Holdings, Inc., a residential mortgage real estate investment trust, announced the completion of its first loan securitization of 2005 and third overall, a public offering of approximately $1 billion of notes backed by residential, first-lien adjustable rate mortgage This article is about the US mortgage type. For an international perspective, see Variable rate mortgage. An adjustable rate mortgage (ARM) is a mortgage loan where the interest rate on the note is periodically adjusted based on an index. and hybrid ARM loans, through MortgageIT Trust 2005-1. UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System Investment Bank served as lead underwriter Lead underwriter The head of a syndicate of financial firms that are sponsoring an initial public offering of securities or a secondary offering of securities. Could also apply to bond issues. and Merrill Lynch & Co. and Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. served as co-managers of the transaction. Proceeds from the offering will be used to provide long-term financing of mortgage loans originated by MortgageIT Holdings' taxable REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). subsidiary. "With this $1 billion seeuritization of self-originated ARM loans, we received the most favorable terms we have experienced during the completion of our initial loan portfolio of $2.4 billion," said Doug Naidus, chairman and chief executive officer of MortgageIT Holdings. "As with our first two transactions, the underlying loans feature a strong credit profile, enabling us to achieve an attractive leverage cost. In just over three months, we have fulfilled our promise to stockholders by securitizing more than $2.4 billion of self-originated ARM loans." |
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