MortgageIT Holdings, Inc. Announces Share Repurchase Program
October 17 2005 - 10:01AM
PR Newswire (US)
NEW YORK, Oct. 17 /PRNewswire-FirstCall/ -- MortgageIT Holdings,
Inc. (NYSE:MHL), a residential mortgage real estate investment
trust ("REIT"), today announced that its Board of Directors
authorized a program to repurchase up to $30 million of the
Company's outstanding common stock. The repurchase program allows
for shares to be purchased from time to time at management's
discretion based upon ongoing assessments of the capital needs of
the Company and the market valuation of its stock. Chairman and CEO
Doug Naidus, said, "We believe that the current trading range of
our Company's stock does not reflect the true economic value of our
business. This repurchase program is an attractive means of
enhancing shareholder returns, while maintaining ample flexibility
to grow our 100% self-originated REIT portfolio as the investment
environment improves and to finance the continued growth of our
mortgage banking subsidiary." About MortgageIT Holdings, Inc.
MortgageIT Holdings, Inc. (NYSE:MHL) is a self-administered
mortgage real estate investment trust ("REIT") focused on the
residential lending market. The Company self-originates its
investment portfolio of high quality adjustable rate mortgage
("ARM") loans through MortgageIT, Inc., its wholly owned
residential mortgage banking subsidiary. MortgageIT, Inc. is a
full- service residential mortgage banking company that is licensed
to originate loans throughout the United States. MortgageIT
Holdings is organized and conducts its operations to qualify as a
REIT for federal income tax purposes. MortgageIT is organized and
operates as MortgageIT Holdings' taxable REIT subsidiary. For more
information, please visit http://www.mortgageitholdings.com/.
Certain items in this press release may constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements relating to our ability to
fund a fully- leveraged, self-originated loan portfolio, our
anticipated loan funding volume and our ability to pay dividends.
These statements are based on management's current expectations and
beliefs and are subject to a number of trends and uncertainties
that could cause actual results to differ materially from those
described in the forward-looking statements. MortgageIT Holdings
can give no assurance that its expectations will be attained.
Factors that could cause actual results to differ materially from
MortgageIT Holdings' expectations include, but are not limited to,
MortgageIT's continued ability to originate new loans, including
loans that we deem suitable for our securitization portfolio;
changes in the capital markets, including changes in interest rates
and/or credit spreads; and other risks detailed in MortgageIT
Holdings' Annual Report on Form 10-K that was filed with the
Securities and Exchange Commission (SEC) on March 31, 2005 and from
time to time in MortgageIT Holdings' other SEC reports. Such
forward-looking statements speak only as of the date of this press
release. MortgageIT Holdings expressly disclaims any obligation to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with regard thereto or change in events, conditions or
circumstances on which any statement is based. DATASOURCE:
MortgageIT Holdings, Inc. CONTACT: Investors - Sean McGrath,
MortgageIT Holdings, Inc., +1-646-346-8700; Media - Ted Stacer,
MortgageIT Holdings, Inc., +1-646-346- 7653, or Joe LoBello,
Brainerd Communicators, Inc., +1-212-986-6667, for MortgageIT
Holdings, Inc. Web site: http://www.mortgageitholdings.com/
Copyright
Mortgagit (NYSE:MHL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Mortgagit (NYSE:MHL)
Historical Stock Chart
From Jul 2023 to Jul 2024