EXHIBIT 99.1

EXHIBIT 99.1

AMERICA FIRST
MORTGAGE INVESTMENTS, INC.
399 PARK AVENUE
NEW YORK, NEW YORK 10022
TELEPHONE (212) 935-8760

PRESS RELEASE FOR IMMEDIATE RELEASE

JANUARY 15, 2002 NEW YORK METRO

CONTACT: WILLIAM GORIN NYSE: MFA
(212) 935-8760
WWW.MFA-REIT.COM


AMERICA FIRST MORTGAGE INVESTMENTS, INC.
PRICES $53.6 MILLION EQUITY OFFERING

(New York)--January 15, 2002--America First Mortgage Investments, Inc.
(NYSE: MFA) announced today that it priced a public offering of 6,500,000 shares
of its common stock at a public offering price per share of $8.25. The lead
underwriter was Friedman, Billings, Ramsey & Co., Inc. and the co-managers were
RBC Capital Markets, Jolson Merchant Partners and Stifel, Nicolaus & Company,
Inc.

The net proceeds to the Company (after deducting estimated expenses)
are expected to be approximately $50.6 million. The company has granted the
underwriters an option, exercisable for 30 days, to purchase up to 975,000
additional shares of common stock to cover over-allotments.

Stewart Zimmerman, President and Chief Executive Officer of the
Company, said, "We are pleased at the success of this offering. We look forward
to using the new equity capital to expand on the financial success we enjoyed in
2001."

America First Mortgage Investments, Inc. is a mortgage Real Estate
Investment Trust that owns, manages, and finances a portfolio of adjustable rate
mortgage-backed securities.

This news release, and our public documents to which we refer, contain
or incorporate by reference certain forward-looking statements. When used,
statements which are not historical in nature, including the words "anticipate,"
"estimate," "should," "expect," "believe," "intend," and similar expressions are
intended to identify forward-looking statements. These forward-looking
statements are subject to certain risks and uncertainties, including, among
other things: business conditions and the general economy, especially as they
affect interest rates; federal, state, and local regulatory environments; an
increase in the prepayment rate on the loans that back our mortgage-backed
securities; the inability to borrow at favorable rates; and the inability to
maintain our REIT qualification. Other risks, uncertainties and factors that
could cause our actual results to differ materially from those projected are
detailed in the Prospectus relating to



this offering and in the periodic reports filed by us with the Securities and
Exchange Commission, including Forms 10-K and 10-Q. We undertake no
obligation to publicly update or revise any forward-looking statement,
whether as a result of new information, future events or otherwise.

This news release shall not constitute an offer to sell or a
solicitation of an offer to buy any securities nor shall there be any sale of
these securities in any state or jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction. A copy of the Prospectus relating
to this offering may be obtained from Friedman, Billings, Ramsey & Co., Inc.,
1001 19th St. North, Arlington, VA, 22209, Attention: Prospectus Department,
Tel: 703-312-9588.

Information contained in this Press Release contains "forward-looking
statements" relating to, without limitation, future performance, plans and
objectives of management for future operations and projections of revenue and
other financial items, which 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.