Origination/Lending
Becoming Bimini: Opteum to Change Name
By
PAUL JACKSON
September 24, 2007 7:46 PM CST
Likely seeking to distance itself from recent turmoil surrounding its recently-sold mortgage banking business, Optuem Financial said today that it will change its name to Bimini Capital Management, Inc. — effective this Friday. The company’s stock will trade on the NYSE under the symbol BMN, rather than the former OPX symbol.
In April, the REIT said it would exit both conduit and wholesale lending, while in May, Opteum struck a deal to sell its retail origination platform; the servicing portfolio was sold to an unknown buyer at the end of July.
After divesting its mortgage operations, the company has become a pure-play REIT that invests primarily in residential mortgage-related securities issued Fannie Mae, Freddic Mac, and Ginnie Mae.
Given that the company is located in Vero Beach, Florida, I can only assume that Bikini Capital was already taken before the company’s execs settled for Bimini (sorry, couldn’t resist!).
Print This Article
recent stories by department
Origination/Lending
Secondary Market/Investors
Get your HW Fix
Join nearly 10,000 bold subscribers who already get our daily email delivered to their inbox -- it's free, and a great way to ensure you don't miss something.
Events
2009 Dec 09 -- 2009 Dec 10
RMBS: Assessing Value and Risk
This two-day course in New York City will equip market participants with the knowledge and skills to evaluate prime, Alt-A and subprime RMBS portfolios in order to assess their value and understand inherent risks. For more information, visit www.fitchratings.com.
2010 Jan 13 -- 2010 Jan 14
2010 Collection Technology Summit
The Collection Technology Summit is the first industry event to focus solely on collections and its associated technologies and continues to draw top executives from the nation's most prominent institutions. The Collection Technology Summit, where innovation happens. For more information, visit www.collectiontechnology.net
