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JHM MORTGAGE SECURITIES L.P. REPORTS FIRST QUARTER EARNINGS

 JHM MORTGAGE SECURITIES L.P. REPORTS FIRST QUARTER EARNINGS
 MCLEAN, Va., May 14 /PRNewswire/ -- JHM Mortgage Securities L.P. (NYSE: JHM) announced today that its net income for the three months ended March 31, 1992, was $890,000, or 16 cents per unit, compared to $1,426,000, or 29 cents per unit, for the three months ended March 31, 1991. The company indicated that the decline in first quarter income was due in large part to an unrealized market loss of $1,079,000, or 19 cents per unit, on its liquid Agency mortgage- backed securities portfolio. As required under generally accepted accounting principles, the company valued its mortgage-backed securities at the prevailing market price on the last business day of the quarter. On March 31, 1992, the yields on current coupon 30-year fixed-rate FNMA mortgage-backed certificates had risen to 8.44 percent from a low of 7.77 percent at the beginning of the quarter, resulting in a sharp decline in the market value of such securities. This market decline is reflected in the company's quarterly financial statement as an unrealized loss. The company noted that since March 31, the market value of these securities has increased as long-term interest rates have declined.
 JHM Mortgage Securities L.P. is a publicly-traded partnership whose objective is to provide high quarterly income through the management of mortgage-related assets. The partnership is managed by JHM Mortgage Capital Corp. and is affiliated with The JHM Group of McLean.
 -0- 5/14/92
 /CONTACT: Stephen P. Gavula or C. Thomas Williamson III for JHM Mortgage Securities L.P., 703-883-2900/
 (JHM) CO: JHM Mortgage Securities L.P. ST: Virginia IN: FIN SU: ERN


DC -- DC020 -- 0338 05/14/92 15:00 EDT
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Publication:PR Newswire
Date:May 14, 1992
Words:288
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