PRESS RELEASE DATED JULY 29, 2003

Exhibit 99.1

[LOGO]
MFA
MORTGAGE INVESTMENTS, INC.
350 Park Avenue
NEW YORK, NEW YORK 10022
TELEPHONE (212) 207-6400

PRESS RELEASE FOR IMMEDIATE RELEASE

July 29, 2003 NEW YORK METRO

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

MFA Mortgage Investments, Inc.
Announces Second Quarter 2003 Earnings Per Share of $0.30

MFA Mortgage Investments, Inc. (NYSE: MFA) today reported net income of
$15.4 million, or $0.30 per share, for the quarter ended June 30, 2003 versus
$14.2 million, or $0.37 per share, for the quarter ended June 30, 2002. As of
June 30, 2003, stockholders' equity was $434.3 million, or $8.03 per share.

On May 22, 2003, MFA announced a second quarter 2003 common stock dividend
of $0.28 per share. The second quarter dividend will be paid on July 31, 2003 to
stockholders of record as of June 30, 2003. Based on MFA's opening share price
of $10.29 on July 28, 2003, the second quarter dividend rate of $0.28 per share
represented an annualized yield of 10.9%.

Stewart Zimmerman, MFA's Chairman of the Board, Chief Executive Officer
and President, commented on MFA's second quarter 2003 results, "Our fundamentals
are solid and we are well positioned for this period of economic uncertainty.
Approximately 99% of our assets consist of mortgage-backed securities ("MBS")
and related receivables issued or guaranteed by an agency of the U.S. government
or a federally chartered corporation, other MBS rated "AAA" by Standard & Poor's
Corporation and cash. In addition, over 99% of the MBS in our portfolio are
adjustable-rate and hybrids, which have an initial fixed interest rate for five
years or less and then convert to a one-year adjustable-rate for the remaining
loan term (94% are adjustable or convert to one-year adjustable-rate within
three years or less). We believe that avoiding significant holdings of
fixed-rate MBS reduces our exposure to interest rate risk. In addition, we
believe that we utilize less leverage than other comparable financial
institutions with a similar asset composition."

Mr. Zimmerman continued, "we believe that both U.S. monetary and fiscal
policies are and will remain accommodative to economic recovery during the
remainder of 2003. The Federal Reserve Board has reduced short-term interest
rates as measured by the Federal Funds target rate to 1.00%. We expect that
short-term interest rates will remain at low levels until gross domestic product
grows at a rate conducive to a declining unemployment rate. Longer-term rates
are low but have risen recently and may continue to do so, maintaining to MFA's
benefit, a positive sloped yield curve."

MFA continues to benefit from low financing costs. For the second quarter
of 2003, MFA's cost of borrowed funds was approximately 1.68% while the net
yield on its interest-earning assets was approximately 3.17%. MFA's borrowing
costs have 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 of purchase premium amortization. The portfolio spread, the
difference between MFA's interest-earning asset portfolio yield and its cost of
funds, was 1.49% for the second quarter of 2003. MFA's net interest margin, net
interest income divided by average interest earning assets, was 1.65% for the
quarter.


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Mr. Zimmerman added, "while our portfolio spread has been negatively
impacted by prepayments, we continue to identify and acquire adjustable-rate and
hybrid MBS providing attractive returns. While not at peak levels, our portfolio
spread and earnings per share results continue to remain strong. Most of our
assets are indexed to one-year treasury rates and, with these rates near 1.00%,
we are very pleased with our second quarter 2003 spread of 1.49%, generating a
return on equity for the second quarter of 14.9%."

The prepayment speed on MFA's MBS portfolio averaged 37% Constant
Prepayment Rate ("CPR") during the second quarter of 2003. Mr. Zimmerman
explained that, "given the positive slope of the yield curve, we expect that
adjustable-rate mortgage rates will remain well below fixed mortgage rates. As
of June 30, 2003, the weighted average coupon of our MBS portfolio was
approximately 4.61% and our average purchase price was 102.5% of par value.
While we expect that prepayment speeds on our MBS may continue near their
current levels during the third quarter, we do not foresee long-term interest
rates declining significantly in the remainder of 2003 and therefore expect that
prepayments will slow later in the year, as mortgage rates no longer test
historic lows."

In the second quarter of 2003, MFA realized a gain of $621,000 from the
sale of a multifamily housing property in which it had an investment. In
addition, MFA realized gains on sales of MBS of $334,000 in the quarter.

In May of this year, MFA completed a follow-on public offering of
7,762,500 shares of common stock, which included the full exercise of the
underwriters' over-allotment option. The offering price was $9.20 per share and
the Company raised net proceeds of approximately $67.2 million. The proceeds of
the offering were used to acquire, on a leveraged basis, additional MBS. By the
end of the second quarter these proceeds were fully invested.

MFA finances the acquisition of its MBS primarily by borrowing at
short-term rates using repurchase agreements. At June 30, 2003, MFA's
debt-to-equity ratio was 8.8:1 while its assets-to-equity ratio was
approximately 9.9:1. 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 and hybrid MBS. Due to the fact
that the assets MFA owns are adjustable after their initial fixed terms, the
coupon received on these assets will over time adjust if interest rates change.
In measuring its assets-to-borrowings repricing gap ("Repricing Gap"), MFA
measures the difference between: (a) the weighted-average months until coupon
adjustment or prepayment on its adjustable-rate and hybrid MBS portfolio
assuming a CPR of 15%; and (b) the months remaining on our repurchase agreements
applying the same CPR assumption. The CPR is applied in order to reflect, to
some extent, the prepayment characteristics of interest-earning assets and
interest-bearing liabilities. As of June 30, 2003, the weighted-average time to
repricing or expected prepayment for MFA's MBS portfolio was approximately 18
months while the average term remaining on its repurchase agreements was 8
months, resulting in Repricing Gap of 10 months.

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 June 30, 2003, MFA had total assets of
approximately $4.3 billion. As of that date, approximately 99% of these assets
consisted of MBS and related receivables 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 &
Poor's Corporation and cash. At June 30, 2003, MFA also owned indirect interests
in five multifamily apartment properties.


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When used in this press release or other written or oral communications,
statements which are not historical in nature, including those containing
words such as "anticipate," "estimate," "should," "expect," "believe,"
"intend" and similar expressions are intended to identify "forward-looking
statements" for purposes of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and as such may involve known and unknown risks, uncertainties
and assumptions. These forward-looking statements are subject to various
risks and uncertainties, including, but not limited to, those relating to:
changes in the prepayment rates on the mortgage loans securing the
Company's MBS; changes in short-term interest rates and the market value
of the Company's MBS; changes in government regulations affecting the
Company's business; the Company's ability to maintain its qualification as
a REIT for federal income tax purposes; the Company's ability to use
borrowings to finance its assets; and risks associated with investing in
real estate, including changes in business conditions and the general
economy. These risks, uncertainties and factors could cause the Company's
actual results to differ materially from those projected in any
forward-looking statements it makes. All forward-looking statements speak
only as the date they are made and the Company does not undertake, and
specifically disclaims, any obligation to update or revise any
forward-looking statements to reflect events or circumstances after the
date of such statements.


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MFA MORTGAGE INVESTMENTS, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION