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TRENTON, N.J. - David Rousseau's timing could have been better.

The Mercer County resident is set to become New Jersey state treasurer with the state battling crushing debt, revenue worries, a need to slash spending and Democratic Gov. Jon S. Corzine's plan to significantly increase highway tolls.

But Rousseau isn't lamenting his timing.

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New Jersey's New Top Money Man Embraces Key Role At Pivotal Time

NEW YORK, Dec. 3 /PRNewswire-FirstCall/ -- New York Mortgage Trust, Inc. (BULLETIN BOARD: NMTR) ("NYMT" or the "Company") today announced that it has agreed to issue $20 million of convertible preferred stock to JMP Group Inc. and certain of its affiliates. In addition, James J. Fowler, a Managing Director of JMP Asset Management LLC, a wholly owned subsidiary of JMP Group, will become non-executive Chairman of NYMT upon closing of the investment.

The terms of the convertible preferred stock include a conversion price of $4.00 per common share of NYMT, representing a 14% premium to NYMT's closing share price on November 30, 2007. The preferred dividend is 10% and is subject to increase in the event that any future dividends on NYMT common stock exceed $0.10 per quarter. Proceeds from the offering are to be used to finance purchases of Agency mortgage-backed securities and other mortgage- related investments. read more