amac8k-121007.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K/A
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15 (d) OF THE
SECURITIES
AND EXCHANGE ACT OF 1934
Date
of Report (Date of Earliest Event Reported): December 3,
2007
American
Mortgage Acceptance Company
(Exact
Name of Registrant as Specified in Its Charter)
Massachusetts
(State
or other Jurisdiction of Incorporation)
|
|
|
0-23972
|
|
13-6972380
|
(Commission
File Number)
|
|
(IRS
Employer Identification
Number)
|
625
Madison Avenue, New York, NY 10022
(Address
of Principal Executive Offices)
Registrant’s
telephone number, including area code: (212) 317-5700
Not
Applicable
(Former
Name or Former Address, if Changed Since Last Report
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the Registrant under any of the following
provisions (see General Instruction A.2. below):
¨
|
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
¨
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
¨
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
¨
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
|
Item
2.01. Completion of Acquisition or Disposition of
Assets.
This
Form
8-K/A amends and restates the initial 8-K filed by American Mortgage Acceptance
Company ("AMAC" or the "the Registrant") on December 7, 2007, for the purposes
of attaching a copy of the press release (Exhibit 99.1 hereto) that conforms
to
the press release issued by the Company on December 7, 2007.
As
previously disclosed by American Mortgage Acceptance Company, recent market
conditions have resulted in a reduction of liquidity across the credit spectrum
of mortgage products. Market conditions have continued to decline,
increasing the credit spreads on certain mortgage assets. This,
coupled with a decline in yields on U.S. Treasury securities have lead to margin
calls on repurchase facilities and interest rate derivatives whereby the
Registrant was required to post additional cash collateral to the facility
lenders and to derivative counterparties. As such, the Registrant has
explored avenues to increase liquidity for future cash needs and sold assets
as
follows:
|
·
|
On
November 19 and 20, 2007, the Registrant sold its portfolio of Federal
National Mortgage Association (“FNMA”) and Government National Mortgage
Association (“GNMA”) securities (together, the “Debt Securities”) to an
unrelated third party. As a result, the Registrant received
total proceeds of $71.2 million, of which, $67.5 million was used
to repay
a repurchase facility that collateralized these debt
securities. Based on the amortized cost of $73.4 million prior
to the sale, the transactions resulted in realized losses of $2.2
million.
|
|
·
|
On
December 3, 2007, the
Registrant sold two Commercial Mortgage-Backed Securities (“CMBS”) to an
unrelated third party. This sale resulted in total proceeds of
$ 15.6 million, of which, $14.0 million was used to repay a repurchase
facility that collateralized these CMBS. Based on the amortized
cost of $25.9 million prior to the sale, the transactions resulted
in
realized losses of $10.3
million.
|
As
a
result of these asset sales, the Registrant incurred $1.0 million in net
realized losses due to the termination of related interest rate
derivatives.
If
current market conditions continue to decline, the Registrant may be required
to
post additional cash collateral due to margin calls Accordingly, the
Registrant may sell additional assets and incur additional losses. At
this time, the Registrant is unable to determine the amount of such losses
if
such sales were to occur.
In
addition, should deterioration of the Registrant’s liquidity impede its ability
to hold certain investments, the Registrant may need to recognize changes in
the
fair value of those investments as permanent losses in the fourth quarter of
2007.
Item
7.01. Regulation FD Disclosure.
At
this
time management of the Registrant is withdrawing its previously issued earnings
guidance for 2007. The portions of the Press Release attached as
Exhibit 99.1 that relate to earnings guidance are deemed to be furnished, not
filed.
Item
8.01. Other Events.
Due
to
the circumstances mentioned in Item 2.01 of this 8-K, the
Registrant’s Board of Trustees resolved that no dividend be paid on its common
shares of beneficial interest for the quarter ended December 31,
2007.
Item
9.01. Financial Statements, Pro Forma Financial
Information and Exhibits
(a) Financial
Information.
Not
Applicable
(b) Pro
Forma Financial Information
Not
Applicable
(c) Exhibits
99.1
Press Release dated December 7,
2007
SIGNATURES
Pursuant
to the requirements of the Securities and Exchange Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
|
American
Mortgage Acceptance Company
(Registrant)
|
|
|
|
|
Date:
|
By:
|
/s/
Robert
L. Levy |
|
|
|
|
|
|
December
10, 2007