PRESS RELEASE, DATED FEBRUARY 5, 2004.

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

PRESS RELEASE FOR IMMEDIATE RELEASE

February 5, 2004 NEW YORK METRO

CONTACT: William Gorin NYSE: MFA
(212) 207-6400
www.mfa-reit.com

MFA Mortgage Investments, Inc.
Announces Fourth Quarter Earnings Per Share of $0.25

MFA Mortgage Investments, Inc. (NYSE:MFA) today reported net income of
$15.3 million, or $0.25 per share, for the fourth quarter ended December 31,
2003. For the year ended December 31, 2003, MFA's net income was $57.8 million,
or $1.07 per share. Stockholders' equity at year-end 2003 was $485.0 million, or
$7.67 per share.

On January 30, 2004, MFA paid its fourth quarter 2003 dividend of $0.25
per share. Based on MFA's opening share price of $10.21 on February 5, 2004, the
fourth quarter dividend of $0.25 per share represented an annualized yield of
approximately 9.8%.

Stewart Zimmerman, MFA's Chairman of the Board, Chief Executive Officer
and President, commented on MFA's 2003 results, "MFA's fundamentals remain solid
and we are well positioned for 2004. Approximately 99% of our assets consist of
mortgage-backed securities ("MBS") 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, MBS-related receivables and cash. In addition,
over 99% of the MBS in MFA's portfolio are adjustable-rate and hybrids, which
have an initial fixed interest rate for a specified period of time and,
thereafter, generally reset annually. At year-end 2003, 91.7% of the MBS in
MFA's portfolio had interest rates which contractually reprice over the next 36
months. We believe that avoiding significant holdings of fixed-rate MBS reduces
our exposure to interest rate risk."

"During the fourth quarter of 2003, the gross yield on MFA's
interest-earning assets was approximately 4.12% and the net yield on
interest-earning assets was reduced to 2.86%, due primarily to premium
amortization. The portfolio spread, which is the difference between MFA's
interest-earning asset portfolio net yield of 2.86% and its 1.39% cost of funds,
was 1.47% for the fourth quarter. Our assets are primarily indexed to one-year
treasury rates and one-year LIBOR and, in the current low interest rate
environment, we are pleased with MFA's return on average equity for the fourth
quarter of 13.1%."


Mr. Zimmerman continued, "The prepayment speed on MFA's MBS portfolio
averaged 32% Constant Prepayment Rate ("CPR") during the fourth quarter of 2003.
As anticipated, the prepayment speed slowed from 41% CPR in the third quarter of
2003 as mortgage rates no longer tested historic lows."

MFA finances the acquisition of its MBS primarily by borrowing using
repurchase agreements. At December 31, 2003, MFA's debt-to-equity ratio was
8.3:1 while its assets-to-equity ratio was approximately 9.4:1. Over time, MFA
expects to maintain asset-to-equity ratio of less than 11:1.

MFA invests in adjustable-rate and hybrid MBS (collectively, "ARM-MBS").
Due to the fact that the assets MFA owns have interest rates that generally
reset annually after their initial fixed terms, the coupon received on these
assets will adjust over time as interest rates change. In measuring its
assets-to-borrowings repricing gap (the "Repricing Gap"), MFA measures the
difference between: (a) the weighted-average months until coupon adjustment or
prepayment on its ARM-MBS portfolio assuming a CPR of 15%; and (b) the months
remaining on its 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 December 31,
2003, the weighted-average time to repricing or expected prepayment for MFA's
ARM-MBS portfolio was approximately 18 months while the average term remaining
on its repurchase agreements was 7 months, resulting in a Repricing Gap of 11
months.

MFA seeks to generate income from investment in high-quality ARM-MBS and
other assets. At December 31, 2003, MFA had total assets of approximately $4.6
billion. As of that date, approximately 99% of these assets consisted of MBS
issued or guaranteed by an agency of the U.S. Government, such as Ginnie Mae, or
a federally chartered corporation, such as Fannie Mae or Freddie Mac, other MBS
rated "AAA" by Standard & Poor's Corporation, MBS-related receivables and cash.

Stockholders interested in reinvesting their dividends or purchasing stock
directly from MFA may do so through its Discount Waiver, Dividend Reinvestment
and Stock Purchase Plan (the "Plan") by contacting Mellon Investor Services, the
Plan administrator, at 1-866-249-2610 (toll free). For more information about
the Plan, interested stockholders may also go to the website established for the
Plan at www.melloninvestor.com or visit MFA's website at www.mfa-reit.com.

The Company will hold a conference call on Friday, February 6, 2004, at
10:00 a.m. EST. The number to call is (888) 273-9890 in the U.S. and Canada.
International callers must dial (612) 332-0923. The replay will be available
through Friday, February 13, 2004 at 11:59 p.m. EST, and can be accessed by
dialing (800) 475-6701 in the U.S. and Canada or (320) 365-3844 internationally
and entering access code: 720460. There will also be a web cast of the call on
MFA's website at www.mfa-reit.com.


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"
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, 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 MFA's MBS; changes in interest rates and
the market value of MFA's MBS; MFA's ability to use borrowings to finance its
assets; changes in government regulations affecting MFA's business; MFA's
ability to maintain its qualification as a REIT for federal income tax purposes;
and risks associated with investing in real estate assets, including changes in
business conditions and the general economy. These and other risks,
uncertainties and factors, including those described in reports that MFA files
from time to time with the SEC, could cause MFA's actual results to differ
materially from those projected in any forward-looking statements it makes. All
forward-looking statements speak only as of the date they are made and MFA does
not undertake, and specifically disclaims, any obligation to update or revise
any forward-looking statements to reflect events or circumstances occurring
after the date of such statements.


MFA Mortgage Investments, Inc.
Consolidated Balance Sheets