SHORT HILLS, NJ-According to published reports, Laser Mortgage Management, a mortgage REIT, is putting together a plan to sell off its mortgage securities portfolio, which totals some $292 million, after trying unsuccessfully for the past two years to find someone to buy the company “as is.” The portfolio is made up mostly of mortgage pass-through securities, according to a Laser spokesperson.

Laser had hired Lehman Brothers a little over two years ago to shop the company around, but the effort has apparently borne no fruit. Lehman was hired shortly after the company’s board fired chairman/CEO Michael Smirlock.

Laser officials say no offers were anywhere near what they were looking for. The best offer, $4.30 per share from Ellington Capital Management, was rejected early this year.

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