FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

    Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

OMB Number: 3235-0287
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Filed By
Romeo and Dye's
Section 16 Filer
www.section16.net

1. Name and Address of Reporting Person*

Yanney Michael B.

2. Issuer Name and Ticker or Trading Symbol
MFA Mortgage Investments, Inc. (NYSE: MFA)

6. Relationship of Reporting Person(s)
to Issuer (Check all applicable)
X Director                                       10% Owner
    Officer (give title below)          Other (specify below)

(Last)      (First)     (Middle)

c/o MFA Mortgage Investments, Inc.
350 Park Avenue, 21st Floor

3. I.R.S. Identification Number
of Reporting Person,
if an entity (voluntary)

(Street)

New York, NY 10022

(City)     (State)     (Zip)

Table I — Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security
(Instr. 3)

2. Trans-
action
Date
(Month/ Day/
Year)

2A. Deemed
Execution
Date,
if any
(Month/Day/
Year)

3. Trans-
action Code
(Instr. 8)

4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 & 5)

5. Amount of
Securities
Beneficially
Owned Follow-
ing Reported Transactions(s)
(Instr. 3 & 4)

6. Owner-
ship Form:
Direct (D)
or Indirect (I)
(Instr. 4)

7. Nature of Indirect
Beneficial Ownership
(Instr. 4)

Code

V

Amount

(A)
or
(D)

Price

Common Stock $0.01 par value

02/20/03

02/20/03

S

13,200

D

$8.50

775,800

I

By America First Companies L.L.C.

Common Stock $0.01 par value

02/20/03

02/20/03

S

1,800

D

$8.52

774,000

I

By America First Companies L.L.C.

Common Stock $0.01 par value

02/20/03

02/20/03

S

400

D

$8.56

773,600

I

By America First Companies L.L.C.

Common Stock $0.01 par value

02/20/03

02/20/03

S

59,600

D

$8.55

714,000

I

By America First Companies L.L.C.

Common Stock $0.01 par value

02/21/03

02/21/03

J

175,000

D

(1)

539,000

I

By America First Companies L.L.C.

Common Stock $0.01 par value

02/21/03

02/21/03

J

87,232

A

(1)

88,731

D

Common Stock $0.01 par value

02/21/03

02/21/03

J

5,858

A

(1)

5,858

I

Rainwood Enterprises

Common Stock $0.01 par value

02/21/03

02/21/03

J

2,430

A

(1)

20,430

I

By Torrey Lake Charitable Remainder Trust

Common Stock $0.01 par value

02/21/03

02/21/03

S

30,000

D

$8.60

509,000

I

By America First Companies L.L.C.

Common Stock $0.01 par value

2/21/03

2/21/03

S

35,000

D

$8.62

474,000

I

By America First Companies L.L.C.

Common Stock $0.01 par value

4,300

I

Retirement Plans of Gail Yanney Wallins, Mr. Yanney's wife.

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security

(Instr. 3)

2. Conver-
sion or
Exercise
Price of Derivative Security

3. Trans-
action Date

(Month/
Day/
Year)

4. Trans-
action
Code

(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)

(Instr. 3, 4 & 5)

6. Date Exercisable
and Expiration
Date
(Month/Day/
Year)

7. Title and Amount of Underlying Securities
(Instr. 3 & 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of
Derivative
Securities
Beneficially
Owned
Following
Reported Transaction(s)
(Instr. 4)

10. Owner-
ship Form
of Deriv-
ative
Security:
Direct (D)
or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

V

(A)

(D)

Date Exer-cisable

Expira-
tion
Date

Title

Amount or Number of
Shares

Explanation of Responses:

(1) On February 21, 2003, America First Companies L.L.C. made an in-kind distribution of 175,000 shares to its equity members. All of these shares had been previously reported as indirectly beneficially owned by Mr. Yanney due to his control of America First Companies L.L.C. Of the distributed shares, 87,232 wre distributed to Mr. Yanney, of which 19,262 were originally distributed to Gail E. Walling, Mr. Yanney's wife, and simultaneously deposited to Mr. Yanney's account; 5,858 shares were distributed to Rainwood Enterprises, L.P. and 2,430 shares were distributed to Torrey Lake Charitable Remainder Trust and continue to be reported as indirectly beneficially owned by Mr. Yanney. The remaining 79,480 shares were distributed to individuals not controlled by Mr. Yanney and, accordingly, are no longer reported as indirectly beneficially owned by him.

**Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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