National Securities Maintains Buy on New York Mortgage Trust

National Securities has published a research report on New York Mortgage Trust (NASDAQ:

) after the company reported 3Q earnings. In the report, National Securities writes, "NYMT reported Q3'11 earnings per share (

) of $0.00. Excluding exceptional items, core EPS was $0.40 in line with our $0.41 estimate. Book value declined (-9%) mostly due to lower fair values in the legacy collateralized loan obligation (CLO) portfolio. We maintain our BUY rating due to new 15%+ yielding investments in the Midway Residential portfolio and a Multi-Family Loan Securitization program." National Securities maintains its Buy rating on New York Mortgage Trust, which is currently halted at $6.90.