Bimini Capital Management, Inc
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Bimini Capital Management, Inc is a REIT investing in mortgage backed securities backed by Freddie Mac (Federal Home Loan Mortgage Corporation) and Fannie Mae (Federal National Mortgage Association) and Ginnie Mae (Government National Mortgage Association).
Bimini Capital Management Mortgage Backed Securities
Bimini Capital Management trades over the counter in the pink sheets under the symbol BMNM, and is located in Vero Beach Florida.
Bimini Capital can make a profit so long as it can borrow money at a lower interest rate than the homeowners whose mortgages it owns -- and so long as those homeowners keep making monthly payments on their mortgages.
Bimini is the current form of a company known as Opteum Inc (NYSE: OPX). In September 2007 a "strike suit" was filed against Opteum. The Board of Directors then changed the name of the company to Bimini Capital Management and it began trading on New York Stock Exchange under BMN symbol.
Soon after, a subsidiary named Orchid Island TRS LLC discontinued operations of its mortgage origination business.
In October, Bimini was delisted from the New York Stock Exchange and began trading over the counter.
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