StreetInsider.com  Mar 20  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Dividends/Chimera+Investment+%28CIM%29+Files+Q213+10-Q%3B+Declares+Dividend/9303439.html for the full story.
MedPage Today  Feb 17  Comment 
(MedPage Today) -- Investigators are continuing to probe an apparent cluster of neural tube defects in Washington state, but it may never be clear if the cluster is anything more than a statistical blip.
Benzinga  Feb 13  Comment 
Below are the top mid-cap REIT-diversified stocks on the NYSE and NASDAQ in terms of profit margin. The trailing-twelve-month profit margin at MFA Financial (NYSE: MFA) is 86.52%. MFA Financial's EPS for the same period is $0.77. The...
Cloud Computing  Feb 6  Comment 
CIM Group and Seaholm Power LLC announced today that they have reached an agreement with athenahealth to lease 100 percent of the approximately 103,000-square-foot office space at Seaholm Power Plant, which is currently...
SeekingAlpha  Jan 2  Comment 
By AlphaStreetResearch: Chimera Investment Corporation (CIM) is a company that many investors have been talking about as of late. The company has recently restated earnings as far back as 2007 and has also been delayed in filing the most recent...
DailyFinance  Dec 19  Comment 
The Board of Directors of Chimera Investment Corporation (NYSE:CIM) today declared a special common stock cash dividend of $0.20 per common share. This special dividend is payable January 31, 2014, to common shareholders of...
DailyFinance  Dec 18  Comment 
THUNDER BAY, ONTARIO -- (Marketwired) -- 12/18/13 -- Zenyatta Ventures Ltd. ("Zenyatta" or "Company") (TSX VENTURE: ZEN) is pleased to announce the engagement of Roscoe Postle Associates Inc. ("RPA") to conduct a Preliminary Economic Assessment...
StreetInsider.com  Dec 13  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Dividends/Chimera+Investment+%28CIM%29+Declares+%240.09+Quarterly+Dividend%3B+11.8%25+Yield/8976219.html for the full story.
StreetInsider.com  Dec 13  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Corporate+News/Chimera+Investment+%28CIM%29+Economic+Book+Value+Drops+Slightly+to+%242.98Share/8976217.html for the full story.
DailyFinance  Dec 13  Comment 
The Board of Directors of Chimera Investment Corporation (NYSE: CIM) today announced its September 30, 2013 estimated book value, the declaration of its fourth quarter 2013 dividend, and the continuation of its dividend...


Chimera Investment Corporation (NYSE:CIM) is a specialty finance company and investment company. The primary focus of Chimera is real estate backed securities. The company is externally managed by Annaly Capital Management (NLY).

Trends and Forces

Mortgage backed leveraging problems

Although the Company had reported leverage of just 0.5 to 1 at 12/31/07, the calculation excluded a $750 million payable for MBS, which was resolved at the end of January, when CIM entered into a $500 million repo facility with CSFB and a $350 million repo facility with Deutsche Bank -- levering up four-fold in the process just as competitor America First Mortgage Investments (MFA) was selling assets to de-lever its balance sheet. The agency-backed and AAA markets dislocated again, and Chimera's repos have created a liquidity problem for the newly-formed company. Chimera held cash and cash equivalents of just $6.0 million at December 31, 2007, and warned in its 10-K that: An increase in prepayment rates substantially above our expectations could cause a temporary liquidity shortfall due to the timing of the necessary margin calls on the financing arrangements and the actual receipt of the cash related to principal paydowns.

Bank Repurchase agreements

Chimera has had to amend its repurchase agreement with Deutsche Bank twice since initiating it in January to bring the liquidity covenant down to $40 million from $100 million. For this, it has had to agree to:

  • Provide daily liquidity reports through April 15, 2008
  • Provide mark to market positions and advance rates with respect to all loans and securities

In addition, Chimera agreed to allow DB the right to act as the lead underwriter in connection with the next securitization or other similar public or private pass-through disposition of any Loan sponsored by Seller or an Affiliate thereof, for a market-rate fee.

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