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!).
Becoming Bimini: Opteum to Change Name
Most Popular Articles
Latest Articles
Selling your home to a family member in 5 easy steps
Selling your home to a family member can be beneficial but requires careful planning and transparent communication. Follow these five steps to ensure a smooth transaction, from agreeing on logistics and assembling a professional team to determining your home’s value and understanding tax implications.
-
FOA reverse stock split goes into effect, appears to have intended impact
-
Senate Aging Committee leaders introduce bill on aging in place
-
HousingWire Pulse: Respondents show cautious optimism about the Q3 housing market
-
US Senate committee approves full funding for Ginnie Mae
-
Connecticut Senator asks HUD for answers on backlog of discrimination complaints