1055160--3/10/2006--MFA_MORTGAGE

related topics

{loan, real, estate}

{regulation, change, law}

{tax, income, asset}

{investment, property, distribution}

{loss, insurance, financial}

{personnel, key, retain}

{provision, law, control}

{debt, indebtedness, cash}

{acquisition, growth, future}

An increase in our borrowing costs relative to the interest we receive on our MBS may adversely affect our profitability. Adjustments of interest rates on our borrowings may not be matched to interest rate indexes on our MBS. Prepayment rates on the mortgage loans underlying our MBS may adversely affect our profitability. Our business strategy involves a significant amount of borrowing that exposes us to additional risks. We may experience a decline in the market value of our assets. Our investment strategy may involve credit risk. Our use of derivatives to mitigate our interest rate risks may not be effective and may expose us to counterparty risks. Changes in accounting treatment may adversely affect our profitability. We may change our policies without stockholder approval. We have not established a minimum dividend payment level. We are dependent on our executives and employees. The economic return from our investments and interests in real estate will be affected by a number of factors. Our interests in real estate may be illiquid and their value may decrease. Owning real estate may subject us to liability for environmental contamination. Compliance with the requirements of the Americans with Disabilities Act of 1990 could be costly. Because of competition, we may not be able to acquire investment assets at favorable prices. Our qualification as a REIT. Compliance with proposed or enacted changes in securities laws and regulations could be costly. Loss of our Investment Company Act exemption would adversely affect us.

Full 10-K form ▸

1055160--3/10/2006--MFA_MORTGAGE_INVESTMENTS