Opteum Sub Sells Servicing Portfolio

Opteum Inc., a real estate investment trust based in Vero Beach, Fla., has announced a sale by its majority-owned subsidiary Orchid Island TRS LLC of substantially all its remaining mortgage servicing portfolio.The terms of the agreement were not disclosed. The aggregate unpaid principal balance of the loans underlying the mortgage servicing rights sold was approximately $2.97 billion as of June 30, Opteum said. The proceeds of the sale will be used to repay debt currently secured by Orchid Island's mortgage servicing portfolio and for other corporate purposes, Opteum said. The company can be found on the Web at http://www.opteum.com.