NY Mortgage Reports 3Q Loss

New York Mortgage Trust Inc., a New York-based mortgage lender and real estate investment trust, has reported a consolidated net loss of $3.9 million ($0.21 per share) for the third quarter, compared with net income of $2.9 million ($0.16 per share) a year earlier.The company's loan origination volume totaled $602.8 million for the third quarter, down from $1.0 billion in the third quarter of 2005. "The deterioration in third-quarter operating results is attributable to continued pressure in both our Mortgage Portfolio Management and our Mortgage Lending segments," said Steven B. Schnall, chairman, president, and co-chief executive of the company. In the former segment, the earnings decline was attributed largely to "the persistence of a flat to inverted yield curve" and declining net interest spreads. In the lending arena, the results were linked to a 19% decline in origination volume from that of the second quarter and "continued pricing pressure" on premiums earned on loans sold to third parties. The REIT can be found online at http://www.nymtrust.com.