NY Mortgage Reports '05 Loss

New York Mortgage Trust Inc., New York, has reported a loss of $5.3 million ($0.29 per share) for fiscal year 2005, compared with net income of $4.9 million ($0.27 per share) a year earlier."In our mortgage banking subsidiary we experienced record loan origination volume for the year, an 86% increase over 2004, yet our operating results were less favorable than expected," said Steven B. Schnall, chairman, president, and co-chief executive of the company. Michael I. Wirth, NYMT's chief financial officer, added that the company's annual results reflect "various growth and efficiency initiatives" carried out during the year as well as the downturn in the mortgage portfolio investment and origination markets. "During 2005 our taxable REIT subsidiary incurred startup expenses relating to the creation of its new wholesale loan division of $2.6 million and accrued expenses of $2.6 million related to its assumption of the branches and sales force of Guaranty Residential Lending Inc.," Mr. Wirth said.