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LOMAS FINANCIAL CORPORATION MAKES ANNOUNCEMENT /FOLLOWING REPEAT FROM YESTERDAY/

 LOMAS FINANCIAL CORPORATION MAKES ANNOUNCEMENT
 /FOLLOWING REPEAT FROM YESTERDAY/
 DALLAS, June 17 /PRNewswire/ -- Lomas Financial Corporation (LFC) (NYSE: LFC), parent of Lomas Mortgage USA, Inc. (Lomas), announced today that Lomas had reached an agreement in principle with Capstead Mortgage Corporation (Capstead) (NYSE: CMO), pursuant to which the terms of the management agreement between Capstead Advisers, Inc. (the manager), a subsidiary of Lomas, and Capstead would be revised and extended to Dec. 31, 1996. Under the terms of the revised agreement, management fees would be reduced to an amount equal to the manager's costs plus a predetermined profit aggregating $16.5 million during the term of the extended agreement.
 LFC also announced that Lomas had reached an agreement in principle with Capstead pursuant to which Capstead would acquire from the manager certain computer software currently used in the operations of Capstead, and would receive an option to acquire in July 1993, at a price equal to three times related annual revenues, Lomas' master servicing contract relating to all Capstead loans. In addition, LFC and Lomas would agree that for a period ending Dec. 31, 1997, neither Lomas or LFC, nor any subsidiary of either Lomas or LFC will promote, organize or provide management services to any real estate investment trust (or any other entity electing to be taxed as a real estate investment trust other than Capstead) if any such entity invests or intends to invest primarily in "jumbo" mortgage loans. In consideration, Capstead would pay Lomas $5 million in cash on Aug. 1, 1992, $1 million in cash on Jan. 2, 1997, and grant to Lomas a six-year option to acquire 750,000 shares of Capstead common stock at a price per share equal to the closing price of Capstead's common stock on the New York Stock Exchange on June 16, 1992.
 It was also announced that effective Aug. 1, 1992, Ronn K. Lytle, currently president and chief operating officer of Capstead, will become Capstead's first full-time chairman of the board and chief executive officer. Lytle succeeds Jess Hay, who has served as Capstead's part-time chairman and chief executive officer since Capstead's founding in 1985. Hay will continue to serve as a director of Capstead and as chairman and chief executive officer of LFC, Lomas, and Capstead Advisers, Inc.
 -0- 6/17/92 R
 /CONTACT: Gary White, 214-879-5540, Bert Byerley, 214-879-5588, or Jess Hay, 214-879-5500, all of Lomas Financial Corporation./
 (LFC) CO: Lomas Financial Corporation ST: Texas IN: FIN SU:


SM -- NY028 -- 1445 06/18/92 11:03 EDT
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Publication:PR Newswire
Date:Jun 18, 1992
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