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New York Mortgage Trust cutting exposure to agency RMBS

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New York Mortgage Trust cutting exposure to agency RMBS

decided to downsize its agency RMBS portfolio, shifting its attention insteadto residential and multifamily credit assets.

Chairman,President and CEO Steven Mumma said during an earnings call that disappointingeconomic activity and volatile markets prompted the company to make thedecision.

Thecompany's recent dealfor the remaining 80% membership interests in that it does notcurrently own is also in line with the company's preference for taking onmultifamily property risk, he said.

TheRiverBanc transaction is expected to close in the second quarter. RiverBancfounder and CEO Kevin Donlon will become the president of New York MortgageTrust.