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Article: CRIIMI MAE INVESTS IN MORTGAGE SECURITIES; Interest Rates Reach Pay-Off Level For 39 Percent of REIT's Interest Rate Caps.
- Article from:
- Business Wire
- Article date:
- December 13, 1994
CopyrightCOPYRIGHT 1994 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ROCKVILLE, Md.--(BUSINESS WIRE)--Dec. 13, 1994--(NYSE:CMM)-- CRIIMI MAE Inc. Chairman William B. Dockser said the company yesterday acquired its second round of investments in high-yielding subordinated mortgage securities backed by pools of uninsured multifamily and commercial mortgages. CRIIMI MAE, which is the largest REIT specializing in multifamily mortgage investments, yesterday purchased three classes of securities backed by two different mortgage portfolios for a combined purchase price of approximately $26.5 million. All of the securities are rated "BB" or "B".
"These mortgage investments are well known to CRIIMI MAE and its adviser," said Mr. ...