Western Asset Mortgage Capital Corporation Provides Company Update And Suspends First Quarter Dividend
Western Asset Mortgage Capital Corporation (WMC)
Last western asset mortgage capital corporation earnings: 3/4 04:32 pm
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US:NYSE Investor Relations:
investorrelations.westernassetmcc.com
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Source: PR Newswire
PASADENA, Calif., March 27, 2020 /PRNewswire/ -- In light of the recent extraordinary capital markets volatility driven by concerns surrounding the COVID-19 pandemic, Western Asset Mortgage Capital Corporation (the "Company") (NYSE: WMC) is providing the following update on its business. The COVID-19 pandemic has created unprecedented market conditions, severe illiquidity, volatility and disruption not seen since the Global Financial Crisis. These conditions spilled over into government bond markets, including the Agency MBS markets, causing an extreme lack of liquidity in mortgage markets. Combined with forced selling in the marketplace, illiquidity has led to swift and dramatic price declines. In addition, illiquidity is being exacerbated by inadequate demand for MBS among primary dealers due to balance sheet constraints. The Federal Reserve began its previously announced Agency CMBS purchase program on Friday, March 27. As anticipated, this action improved liquidity and price
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