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Mortgage REIT Cancels IPO

Bayview unit discloses plans

Sept. 11, 2013

By Mortgage Daily staff

A real estate investment trust that invests in residential and commercial mortgage-backed securities is abandoning plans to issue an initial public offering.

Bayview Mortgage Capital Inc. originally filed a registration statement with the Securities and Exchange Commission in July 2009 indicating plans to issue common stock.

The Coral Gables, Fla.-based company said it planned to acquire and manage RMBS and CMBS at a discount then maximize returns in a variety of market conditions and economic cycles.

"We will then seek to maximize the value of these assets through the analytical and portfolio management expertise as well as the servicing and special servicing capabilities of our manager and its affiliates," the earlier statement said. "We believe that the infrastructure needed to purchase whole loans requires experienced and specialized sourcing, underwriting and special servicing capabilities."

But the REIT's IPO plans have been scuttled.

In an SEC filing Tuesday, Bayview asked the SEC to consent to a withdrawal if its offering.

"The registration statement was filed in connection with the proposed initial public offering by the company of its common stock, which the company has determined not to pursue at this time," yesterday's filing stated. "The company hereby confirms that it has not sold any securities pursuant to the registration statement."

Bayview requested that all fees paid to the SEC for the registration statement be credited for future use.

Parent Bayview Asset Management says it employs more than 1,300 people, including a thousand servicing employees.

It reports that is has acquired more than $24 billion in loans from 2,500 counterparties, while it has closed 75 securitizations for more than $29 billion.

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