Deerfield Capital Corp., Chicago, has announced that it will take a noncash charge of $75.5 million in the fourth quarter related to approximately $3.4 billion of residential mortgage-backed securities, and a $14.6 million charge linked to its asset-backed securities. Deerfield, a real estate investment trust, also reported sales of approximately $1.5 billion of available-for-sale RMBS in the fourth quarter to reduce leverage and maintain adequate liquidity. The company said it plans to carry its entire RMBS portfolio at fair value in 2008.
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