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RAC MORTGAGE INVESTMENT CORPORATION ANNOUNCES FIRST QUARTER EARNINGS, APRIL 1992 DIVIDEND

 RAC MORTGAGE INVESTMENT CORPORATION ANNOUNCES
 FIRST QUARTER EARNINGS, APRIL 1992 DIVIDEND
 COLUMBIA, Md., April 22 /PRNewswire/ -- The board of directors of RAC Mortgage Investment Corpora million, or $0.30 per share for the first quarter of 1991.
 RAC Mortgage also announced its regular monthly dividend of $0.15 per share for April 1992. The April dividend will be paid on May 13, 1992, to holders of record on May 6. The ex-dividend trade date is April 30, 1992.
 The board also announced that Michael J. Sonnenfeld, previously senior vice president and Lynn K. Geurin, previously treasurer and secretary, have been elected executive vice presidents.
 "The record income levels during the quarter were a result of continued strong performances in the mortgage purchase program and the investment portfolio," said Thomas H. Potts, president. During the quarter, the company purchased a record $893 million in residential mortgage loans. This increased activity in the purchase program was a result of greater overall mortgage origination activity due to lower interest rates.
 RAC Mortgage's strategy is to continue to emphasize its mortgage purchase program and to create a diversified portfolio of high quality residential mortgage securities that perform well in a variety of interest rate environments. "We are focused on taking full advantage of the opportunities available now in the marketplace," said Potts. "Through our mortgage purchase program, we continue to create new investments for our portfolio with favorable yield and return characteristics."
 RAC Mortgage is a publicly held real estate investment trust that purchases and securitizes residential mortgage loans, invests in residential mortgage-related securities and provides funding for mortgage warehouse lines of credit.
 RAC MORTGAGE INVESTMENT CORPORATION
 Consolidated Balance Sheets
 (Unaudited; amounts in thousands, except share data)
 At March 31 1992 1991
 ASSETS:
 Mortgage investments:
 Collateral for CMOs $707,374 $1,024,302
 Adjustable-rate mortgage securities 734,109 297,931
 Other mortgage securities 67,130 90,076
 Mortgage warehouse participations 92,072 ---
 Total 1,600,685 1,412,309
 Mortgage loans in warehouse 252,528 130,299
 Cash 103 4,799
 Accrued interest receivable 5,777 4,518
 Other assets 7,122 8,253
 Total $1,866,215 $1,560,178
 LIABILITIES AND SHAREHOLDERS' EQUITY
 LIABILITIES:
 Collateralized mortgage obligations,
 net of discounts of $3,570 and
 $4,844, respectively $695,064 $1,004,602
 Repurchase agreements 804,298 310,789
 Notes payable 117,010 110,522
 Commercial paper 86,120 ---
 Accrued interest payable 4,486 2,005
 Deferred income 5,701 ---
 Other liabilities 28,958 11,323
 Total 1,741,637 1,439,241
 SHAREHOLDERS' EQUITY:
 Common stock, par value $.01 per share,
 50,000,000 shares authorized,
 13,555,679 and 13,529,700 issued
 and outstanding, respectively 136 135
 Additional paid-in capital 128,501 128,206
 Retained earnings (deficit) (4,059) (7,404)
 Total shareholders' equity 124,578 120,937
 Total $1,866,215 $1,560,178
 RAC MORTGAGE INVESTMENT CORPORATION
 Consolidated Statement of Operations
 (Unaudited; amounts in thousands, except share data)
 Three months ended March 31 1992 1991
 Interest Income:
 Collateral for CMOs $17,161 $23,915
 Adjustable-rate mortgage securities 11,132 6,486
 Other mortgage investments 2,257 3,298
 Mortgage warehouse participations 1,319 ---
 Mortgage loans in warehouse 4,348 3,543
 Total 36,217 37,242
 Interest and CMO-related expense:
 Collateralized mortgage obligations:
 Interest 17,253 22,565
 Other 1,451 1,085
 Repurchase agreements 9,168 5,578
 Notes payable 1,307 2,141
 Commercial paper 900 ---
 Total 30,079 31,369
 Net margin on mortgage assets 6,138 5,873
 Gain (loss) on sale of mortgage assets,
 net of associated costs 7,995 (431)
 Other income 13 68
 Management fees (2,589) (571)
 Other expenses (4,503) (848)
 Net income 7,054 4,091
 Net income per share $.52 $.30
 Weighted average number of common
 shares outstanding 13,549,975 13,529,700
 -0- 4/22/92
 /CONTACT: Sylvia R. Gillan of RAC Mortgage Investment, 410-730-6851/
 (RMR) CO: RAC Mortgage Investment Corporation ST: Maryland IN: FIN SU: ERN


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