PRESS RELEASE

Exhibit 99.1

MFA



PRESS RELEASE FOR IMMEDIATE RELEASE

April 23, 2003 NEW YORK METRO

CONTACT: William Gorin NYSE: MFA
(212) 207-6407
www.mfa-reit.com

MFA Mortgage Investments, Inc.
Announces First Quarter Earnings Per Share of $0.33

MFA Mortgage Investments, Inc. (NYSE:MFA) today reported net income of
$15.3 million, or $0.33 per share, for the first quarter ended March 31, 2003
versus $9.6 million, or $0.28 per share, for the first quarter ended March 31,
2002. As of March 31, 2003, stockholders' equity was $372.1 million, or $8.03
per share.

On March 13, 2003, MFA announced a first quarter 2003 common stock dividend
of $0.28 per share. MFA has set its $0.28 quarterly dividend at a level which
management believes to be sustainable over time, periodically adding special
dividends, which at a minimum, satisfy the REIT qualification requirement that
at least 90% of taxable income be distributed on an annual basis. The first
quarter dividend will be paid on April 30, 2003 to stockholders of record as of
March 28, 2003. Based on MFA's opening share price of $9.29 on April 22, 2003,
the first quarter dividend rate of $0.28 per share, represents an annualized
yield of 12.1%.

Stewart Zimmerman, Chairman, and Chief Executive Officer, commented on the
first quarter 2003 results, "MFA's fundamentals remain solid and we continue to
generate strong operating results. We remain well positioned for this period of
economic uncertainty. Approximately 98.5% of our assets consist of
mortgage-backed MBS ("MBS") issued or guaranteed by an agency of the United
States government, other MBS rated "AAA" by Standard & Poors Corporation and
cash. All of the adjustable-rate MBS currently in our portfolio will have their
coupons reset within a time frame of the next one to 36 months, thereby reducing
interest rate risk. In addition, we believe that we utilize less leverage than
other comparable financial institutions that have a similar asset composition."

MFA continues to benefit from low financing costs. For the first quarter of
2003, MFA's cost of borrowed funds was approximately 1.91% while the yield on
its interest-earning assets was approximately 3.66%. MFA's borrowing costs
continued to trend down, in line with the cost of LIBOR-based funding. MFA's
yield on interest-earning assets continues to be negatively impacted by high
prepayment speeds in the MBS portfolio which results in an acceleration in
premium amortization. The portfolio spread, the difference between our
interest-earning asset portfolio yield and our cost of funds, was 1.75% for the
first quarter of 2003. The net interest margin, net interest income divided by
average interest earning assets, was 1.93% for the quarter.

Mr. Zimmerman continued, "While our spread was impacted by prepayments, we
continue to find asset pricing and effective yields very attractive and combined
with our tax-efficient REIT structure, we generated a return on equity for the
first quarter of 16.5%."

The prepayment speed on MFA's MBS portfolio averaged 33% Constant
Prepayment Rate ("CPR") during the first quarter of 2003. Mr. Zimmerman
explained that, "given the positive slope of the yield curve, we expect
adjustable-rate mortgage rates to remain below fixed mortgage rates. As of March
31, 2003, the average coupon of our MBS portfolio was approximately 4.92% and
our average purchase price was 102.3%. Geopolitical uncertainty caused interest
rates to decline to new 40-year lows in March of 2003 and we expect prepayment
speeds on our MBS may continue at their current levels. However, we do not
foresee long-term interest rates experiencing continued significant declines in
2003 and therefore expect that prepayments will slow later in the year, as
mortgage rates no longer test historic lows."

MFA finances the acquisition of its MBS primarily by borrowing at
short-term rates using repurchase agreements. At March 31, 2003, the
debt-to-equity ratio was 8.6:1 while the assets-to-equity ratio was
approximately 9.7:1. Over time, MFA expects to maintain the assets-to-equity
ratio within a range of 9:1 to 11:1.

MFA continues to invest in adjustable-rate MBS and 3/1 hybrid MBS, which
are adjustable-rate MBS with a fixed interest rate for an initial period of up
to three years before converting to a one-year adjustable-rate for the remaining
loan term. As of March 31, 2003, the weighted average term to repricing of the
MBS portfolio was approximately 19.7 months. Approximately 33% of MFA's MBS had
interest rates adjusting within the next 12 months, 44% had interest rates
adjusting within the next 13 to 24 months, and 23% had interest rates adjusting
within the next 25 to 36 months. As of March 31, 2003, the repurchase agreements
funding these assets ranged in terms from one month to 18 months, with an
average term of approximately 6.4 months.

Management continues to see an increased supply of 5/1 hybrid MBS, which
are adjustable-rate MBS with a fixed interest rate for an initial period of five
years before converting to one-year adjustable-rate for the remaining loan term.
The company believes that this increased supply has created value and we intend
to expand our investment universe to include hybrid 5/1 MBS in 2003. MFA intends
to finance these acquisitions with certain longer term repurchase agreements.

MFA's objective is to generate a high level of income while maintaining
asset quality and protecting principal invested in its portfolio of high-quality
adjustable-rate MBS and other assets. At March 31, 2003, MFA had total assets of
approximately $3.6 billion. As of that date, approximately 98.5% of these assets
consisted of MBS issued or guaranteed by an agency of the United States
government or a federally chartered corporation, such as Ginnie Mae, Fannie Mae
or Freddie Mac, other MBS rated "AAA" by Standard & Poors Corporation and cash.
At March 31, 2003, MFA also owned interests in six multifamily apartment
properties consisting of a total of 1,473 rental units.

Information contained in this press release may constitute
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, relating to, without limitation,
MFA's future performance, plans and objectives, future operations and
projections of revenue and other financial items. These
forward-looking statements can be identified by the use of
forward-looking terminology such as "may," "will," "should," "expect,"
"anticipate," "estimate" or "continue" or the negative thereof or
other variations thereon or comparable terminology. Several factors
with respect to such forward-looking statements, including certain
risks and uncertainties, could cause actual results to differ
materially from those in such forward-looking statements.




MFA MORTGAGE INVESTMENTS, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION