New York Mortgage Trust Inc., a New York-based real estate investment trust, has announced the sale of approximately $211 million of Fannie Mae mortgage-backed securities in an effort to reduce the leverage in its agency MBS portfolio. As a result of the sales and the termination of associated interest rate hedges, the company said it had realized losses of approximately $6 million. "We believe that reducing our overall portfolio leverage is a prudent decision given the recent unprecedented volatility in the agency MBS markets," said Steven Mumma, co-chief executive officer, president, and chief financial officer of the REIT.
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