MFA Mortgage Reports Impairment Charges

MFA Mortgage Investments Inc., New York, has announced that it will recognize about $21 million in noncash impairment charges in the fourth quarter in connection with about $824 million worth of mortgage-backed securities that it no longer plans to hold until a recovery of market value.MFA Mortgage, a real estate investment trust, said the charges are in addition to about $18 million in previously announced losses related to the sale of about $565 million worth of MBS in 2005. "These actions were undertaken based on a number of factors, including the 13 consecutive increases in the target fed funds rate from 1% to 4.25% and a flattening of the yield curve," the REIT said. The company can be found online at http://www.mfa-reit.com.