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OPX 2.08 Opteum Inc. Announces Sale of Additional Mortgage Servicing Rights
Jul 26, 2007 9:24:00 AM
Copyright Business Wire 2007

VERO BEACH, Fla.--(BUSINESS WIRE)--

Opteum Inc. (NYSE:OPX) ("Opteum" or the "Company"), a real estate investment trust ("REIT"), today announced that its majority-owned subsidiary, Orchid Island TRS, LLC ("OITRS"), has entered into a definitive agreement to sell substantially all of its remaining mortgage servicing portfolio. The aggregate unpaid principal balance of the loans underlying the servicing rights sold was approximately $2.97 billion as of June 30, 2007. The sales proceeds will be used to repay debt that is currently secured by OITRS's mortgage servicing portfolio and for other general corporate purposes. The transaction, which is subject to various closing conditions, is expected to be completed by September 4, 2007. Terms were not disclosed.

About Opteum

Opteum Inc. is a REIT that invests primarily in, but is not limited to, residential mortgage-related securities issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae). Its objective is to earn returns on the spread between the yield on its assets and its costs, including the interest expense on the funds it borrows.

Statements herein relating to matters that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The reader is cautioned that such forward-looking statements are based on information available at the time and on management's good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in such forward-looking statements. Important factors that could cause such differences are described in Opteum Inc.'s filings with the Securities and Exchange Commission, including Opteum Inc.'s most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q. Opteum Inc. assumes no obligation to update forward-looking statements to reflect subsequent results, changes in assumptions or changes in other factors affecting forward-looking statements.

Source: Opteum Inc.

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Opteum Inc.
Robert E. Cauley
Chief Financial Officer
772-231-1400
www.opteum.com