Anworth Reports $692M in MBS Sales

Anworth Mortgage Asset Corp., Santa Monica, Calif., has announced the recent sale of approximately $692 million (in face value) of mortgage-backed security holdings, resulting in a loss of about $21 million.The sales consisted of approximately $637 million of agency MBS and approximately $55 million of triple-A rated nonagency MBS, Anworth reported. "Given the higher rates [relative to agency MBS financings], limited liquidity, and increase uncertainty surrounding the company's borrowings relative to its agency MBS and nonagency MBS holdings, the proceeds from the company's MBS sales have [been] and will be used to reduce its outstanding repurchase agreement borrowings and reduce the company's financial leverage in the near term," the company said. Anworth, a mortgage real estate investment trust, can be found online at http://www.anworth.com.