Criimi Mae Regroups, Takes $3.2M Hit

ROCKVILLE, MD-Assessing the highs and lows of the second quarter, commercial mortgage company Criimi Mae has reported that $8.9 million in impairment charges on some commercial mortgage-back securities has led to a net loss of $3.6 million.

But there is a sunny side to the second quarter. During the last quarter, Criimi Mae lowered future interest rate exposure via interest rate swaps and paid remaining deferred dividends on Series B, F, and G preferred stock. The company also saw significant progress compared to the same period in the previous year. The net interest margin went up by $2.4 million and shareholders’ equity increased by 88 cents.