Patrick Harden

Patrick Harden

Patrick Harden is a Certified Public Accountant with three years of experience in auditing publicly-traded real estate investment trusts and an additional seven years of involvement in the mortgage finance industry working at a publicly-traded U.S. bank.

He was closely following the mortgage REIT sector with his own blog when he wrote some coverage for HousingWire.

ARTICLES

  • Mortgage REIT Insider: Redwood Rolls the Dice

    Redwood Trust has officially jumped back into the game. In a prospectus filing with the Securities and Exchange Commission earlier this week, the company announced that it was launching a 17 million share offering to finance the acquisition of additional residential and commercial mortgages. During the fourth quarter, the company purchased $50 million in RMBS for 64 cents on the dollar and continued its investment strategy into 2009, purchasing another $17 million during the first week of January.
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  • Mortgage REIT Insider: TED Spread Tackles Capstead

    We knew it was coming, but the 465 basis point blow-out in October’s TED spread -- the interest rates on interbank loans and short-term U.S. government debt -- has come home to haunt one of the agency mortgage REITs. By failing to lock in the low spreads on its repurchase facilities, Capstead Mortgage [stock CMO][/stock] was forced to slice its fourth-quarter dividend by 34 percent, to just $0.36/share.
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  • Mortgage REIT Insider: Agencies Ascending

    Perhaps the only subsector of the mortgage REIT universe to bring any holiday cheer, the agency-backed mortgage REITs had plenty to be thankful for this past week -- especially the Federal Reserve’s initative to buy $500 million in agency-backed MBS.
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  • Mortgage REIT Insider: Walking the Plank

    One of these days, I’ll be able to write a positive column about the mortgage REIT sector. Today, however, is not one of those days. This week was one of the ugliest yet for the mortgage finance companies, with vicious selling spurred on by potential bankruptcy at mall REIT giant General Growth Properties [stock GGP][/stock] and the news that two major commercial loans near default are sinking newly-minted CMBS JPMorgan Chase Commercial Mortgage Securities Trust 2008-C2. With that, let’s take a look at which mortgage REITs are in danger of walking the plank this week.
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  • Mortgage REIT Insider: Dividends Dry Up

    The commercial real estate bust continues to take its toll, particularly for the New York-based commercial mortgage REITs. This week, three of the major commercial mREITs announced that realized taxable losses had all but eliminated their dividend requirements for the rest of the year. Arbor Realty Trust [stock ABR][/stock] cut its third-quarter dividend to just $0.24/share, a 61 percent reduction in its quarterly payout. That payout will be Arbor’s last dividend for 2008, as the company doesn’t plan to pay a fourth-quarter dividend.
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  • Mortgage REIT Insider: FBR's Feet Held to the Fire

    Friedman, Billings, Ramsey Group [stock FBR][/stock] provided a disappointing debut for the third-quarter earnings season. FBR reported a GAAP net loss of $1.12/share and posted a cash operating loss of $1.5 million for the third quarter. Results were weighed down primarily by non-cash marks to the existing MBS portfolio, which swamped the $4.1 million gain realized on the repurchase of outstanding trust preferred.
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