NEW YORK--(BUSINESS WIRE)--
Annaly Capital Management, Inc. (NYSE: NLY) announced that its Chairman,
Chief Executive Officer and President, Michael A.J. Farrell, will appear
as a witness before the House Committee on Financial Services tomorrow
at a hearing entitled “The Future of Housing Finance—A Review of
Proposals to Address Market Structure and Transition.” Mr. Farrell’s
written remarks are available on Annaly’s website at www.annaly.com/Admin/AttachmentFiles/145TestimonyofAnnalysFarrellbeforeHFS9-29-10.pdf.
In his remarks, Mr. Farrell states he represents the perspective of
secondary market investors who have historically provided the majority
of the capital to the $11 trillion mortgage market. In particular, he
focuses on the importance of securitization, the guarantee on Agency
mortgage-backed securities and the to-be-announced (TBA) market in the
current system of housing finance. He says, “I believe that the market
will adapt to whatever changes occur to these items in a new housing
finance system. However, the market will adapt to the new structure by
repricing it. If the new system has significantly different risk,
uncertainty and friction than the housing finance system we have now,
the consequences may be that our housing finance system is smaller with
lower housing values and less flexibility and reduced mobility for
borrowers.”
This news release and our public documents to which we refer contain or
incorporate by reference certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements which are based on various assumptions (some
of which are beyond our control) may be identified by reference to a
future period or periods or by the use of forward-looking terminology,
such as "may," "will," "believe," "expect," "anticipate," "continue," or
similar terms or variations on those terms or the negative of those
terms. Actual results could differ materially from those set forth in
forward-looking statements due to a variety of factors, including, but
not limited to, changes in interest rates, changes in the yield curve,
changes in prepayment rates, the availability of mortgage-backed
securities for purchase, the availability of financing and, if
available, the terms of any financing, changes in the market value of
our assets, changes in business conditions and the general economy,
changes in government regulations affecting our business, our ability to
maintain our qualification as a REIT for federal income tax purposes,
risks associated with the broker-dealer business of our subsidiary, and
risks associated with the investment advisory business of our
subsidiaries, including the removal by clients of assets they manage,
their regulatory requirements and competition in the investment advisory
business. For a discussion of the risks and uncertainties which could
cause actual results to differ from those contained in the
forward-looking statements, see "Risk Factors" in our most recent Annual
Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q.
We do not undertake, and specifically disclaim any obligation, to
publicly release the result of any revisions which may be made to any
forward-looking statements to reflect the occurrence of anticipated or
unanticipated events or circumstances after the date of such statements.
Source: Annaly Capital Management, Inc.