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Luminent suspends dividend, citing mortgage market

Mon Aug 6, 2007 5:52pm EDT

NEW YORK, Aug 6 (Reuters) - Luminent Mortgage Capital Inc LUM.N said it was facing margin calls and worse terms for short-term financing from its lenders amid mortgage market turmoil, forcing it to suspend it second-quarter dividend.

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The mortgage asset manager said the secondary market for mortgage loans and mortgage-backed securities "has seized up."

The Luminent board has suspended the company's second quarter dividend of 32 cents a share. Although Luminent released unaudited second quarter results, it said it delayed filing its audited financial statement with the U.S. Securities and Exchange Commission. (Reporting by Dan Wilchins)

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