MFA Mortgage Investments, Inc. is a real estate investment trust primarily engaged in the business of investing, on a leveraged basis, in mortgage-backed securities (MBS). The Company’s assets consist primarily of hybrid and adjustable-rate MBS (collectively, ARM-MBS) issued or guaranteed by a federally chartered corporation, such as Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, or an agency of the United States government, such as the Government National Mortgage Association (collectively, Agency MBS), ARM-MBS rated by at least one nationally recognized rating agency, and MBS-related receivables and cash. At December 31, 2006, 99.3% of total assets consisted of Agency MBS, high quality AAA-rated MBS, MBS-related receivables and cash.
