NEW YORK--(BUSINESS WIRE)--
Annaly Capital Management, Inc. (NYSE:NLY) (the “Company” or “Annaly”)
is pleased to announce the publication of a new research report titled
“Credit Risk Transfer and De Facto GSE Reform.” The report, which
summarizes and evaluates Fannie Mae and Freddie Mac’s Credit Risk
Transfer (“CRT”) initiative, is co-authored by David Finkelstein, Chief
Investment Officer of Annaly, Andreas Strzodka, Director of Macro
Strategy of Annaly, and James Vickery, Assistant Vice President in the
Research and Statistics Group of the Federal Reserve Bank of New York.
In the report, the authors assess the impact of the CRT programs and
argue that the systems have successfully reduced the exposure of the
federal government to mortgage credit risk while enhancing the liquidity
and stability of mortgage secondary markets. The report states that “the
CRT initiative has improved the stability of the housing finance system
and advanced a number of important objectives of GSE reform,” and that
“in the process, the programs have created a new financial market for
pricing and trading mortgage credit risk, which has grown in size and
liquidity over time.”
“We are honored to have the responsibility of analyzing and discussing
the value of the GSE’s CRT systems in writing this report. The liquidity
and stability of the credit risk transfer programs efficiently
contribute to the continued evolution and sustainability of the US
housing finance market,” said Kevin Keyes, Annaly’s Chairman, Chief
Executive Officer and President. “Our efforts and partnership in writing
this paper is another illustration of Annaly’s market leadership and the
unique depth and broad expertise of our management team.”
“We appreciate the opportunity to co-author this piece and highlight the
success of these CRT programs,” said David Finkelstein, Chief Investment
Officer. “We believe the attention on this topic is valuable and
informative as focus on CRT efforts continue to grow and evolve.”
An electronic version of the paper may be viewed at either of the
following links:
The research paper was issued as a Federal Reserve Bank of New York
Staff Report earlier this year, and is expected to be published more
formally in the New York Federal Reserve Bank’s Economic Policy Review
in the coming months. The views in the paper represent those of the
authors and are not the official positions of Annaly, the Federal
Reserve Bank of New York or the Federal Reserve System.
About Annaly
Annaly is a leading diversified capital manager that invests in and
finances residential and commercial assets. Annaly’s principal business
objective is to generate net income for distribution to its stockholders
and to preserve capital through prudent selection of investments and
continuous management of its portfolio. Annaly has elected to be taxed
as a real estate investment trust, or REIT, for federal income tax
purposes. Annaly is externally managed by Annaly Management Company LLC.
Additional information on the company can be found at www.annaly.com.
Forward-Looking Statements
This news release and our public documents to which we refer contain or
incorporate by reference certain forward-looking statements which are
based on various assumptions (some of which are beyond our control) and
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 and other 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; our ability to grow our
commercial real estate business; our ability to grow our residential
mortgage credit business; our ability to grow our middle market lending
business; credit risks related to our investments in credit risk
transfer securities, residential mortgage-backed securities and related
residential mortgage credit assets, commercial real estate assets and
corporate debt; risks related to investments in mortgage servicing
rights; our ability to consummate any contemplated investment
opportunities; changes in government regulations and policy affecting
our business; our ability to maintain our qualification as a REIT for
U.S. federal income tax purposes; and our ability to maintain our
exemption from registration under the Investment Company Act of 1940, as
amended. 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,
except as required by law.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180306006705/en/
Annaly Capital Management, Inc.
Investor Relations
1-888-8Annaly
www.annaly.com
Source: Annaly Capital Management, Inc.