Opteum Completes Sale of Retail Platform

Opteum Inc., Vero Beach, Fla., has announced the completion of the sale of substantially all the assets of its subsidiary Opteum Financial Services' retail mortgage origination business to Prospect Mortgage Co. for $1.5 million plus the assumption of approximately $4 million in certain liabilities.The company said the sale also involved certain other assets associated with OFS's corporate staff functions. Jeffrey J. Zimmer, chairman, president, and chief executive of Opteum Inc., said the purchase price was "less than we originally expected" and reiterated that the company has now exited the mortgage origination business entirely. "OFS has been a significant drain on our earnings, and we will now focus our energies on managing and growing our [residential mortgage-backed securities] portfolio as we restore our profitability." In conjunction with the sale, Peter R. Norden resigned his position as OFS's president, CEO, and co-head of capital markets, as well as his posts as board member and senior executive vice president of Opteum Inc. The parent company, structured as a real estate investment trust, can be found on the Web at http://www.opteum.com.