Mortgage IT Holdings completes securitization.MortgageIT Holdings, Inc., a residential mortgage real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ), announced the completion of its second loan securitization of 2005 and fourth overall, a public offering of approximately $665.4 million in aggregate principal amount 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. (ARM) and hybrid ARM loans, through MortgageIT Trust 2005-2. 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 lead underwriter and Merrill Lynch and 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 served as the 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 subsidiary. "With today's transaction, we have successfully securitized more than $3 billion in self-originated residential mortgage loans in less than nine months following our initial public offering," commented Doug Naidus, Chairman and Chief Executive Officer of MortgageIT Holdings. |
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