8-K

                -------------------------------------------------

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


                Date of Report (Date of earliest event reported)
                                December 19, 2005


                        Annaly Mortgage Management, Inc.
             ------------------------------------------------------
             (Exact Name of Registrant as Specified in its Charter)


         Maryland                        1-13447                 22-3479661
- ----------------------------           ------------          -------------------
(State or Other Jurisdiction           (Commission            (I.R.S. Employer
       of Incorporation)               File Number)          Identification No.)


1211 Avenue of the Americas
        Suite 2902
    New York, New York                                              10036
- ----------------------------                                      ----------
    (Address of Principal                                         (Zip Code)
      Executive Offices)

       Registrant's telephone number, including area code: (212) 696-0100


                                    No change
          -------------------------------------------------------------
          (Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))



Item 2.02. Results of Operations and Financial Condition
           ---------------------------------------------

     Annaly Mortgage Management, Inc. issued a press release announcing its
fourth quarter 2005 dividend and additional information. A copy of the press
release is attached hereto as Exhibit 99.1 and is incorporated by reference
herein.



Item 5.02. Departure of Directors or Principal Officers; Election of Directors;
           --------------------------------------------------------------------
Appointment of Principal Officers
- ---------------------------------

     Effective December 31, 2005, Jennifer A. Karve resigned her position as
Executive Vice President of Annaly. Annaly looks forward to a continuing
relationship with Ms. Karve, and has retained her services as a consultant for a
one-year period beginning January 1, 2006. Under the agreement, Ms. Karve will
be paid $225,000 and will advise Annaly and FIDAC on matters related to risk
control and portfolio management. The change is being made to accommodate her
request to spend more time with her family.



Item 9.01. Financial Statements and Exhibits
           ---------------------------------

(c) Exhibits

99.1 Press Release dated December 19, 2005.











                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                             ANNALY MORTGAGE MANAGEMENT, INC.



                                             By: /s/ Kathryn Fagan
                                                 -------------------------------
                                                 Name: Kathryn Fagan
                                                 Title: Chief Financial Officer



Dated: December 19, 2005

EX-99.1

                                                                    Exhibit 99.1



                   Annaly Mortgage Management, Inc. Announces
                     4th Quarter 2005 Common Stock Dividend


     NEW YORK--(BUSINESS WIRE)--Dec. 19, 2005--The Board of Directors of Annaly
Mortgage Management, Inc. (NYSE: NLY) declared the fourth quarter 2005 common
stock cash dividend of $0.10 per common share. This dividend is payable January
27, 2006 to common shareholders of record on December 30, 2005. The ex-dividend
date is December 28, 2005.
     "As we have been discussing for several quarters," said Michael A.J.
Farrell, Chairman, Chief Executive Officer and President of Annaly, "short
duration assets have suffered most during this extended period of removing
monetary policy accommodation through the increase in the Federal Funds rate. As
a result, we are continuing to take steps to rebalance and strengthen our
portfolio. We believe that these actions will improve our financial performance
going forward." Dividends may be reinvested through Annaly's Dividend
Reinvestment Plan. Plan information may be obtained from the Plan Administrator,
ChaseMellon Shareholder Services at 1-800-842-7629, at www.annaly.com, or by
contacting the Company.
     Annaly manages assets on behalf of institutional and individual investors
worldwide through Annaly and through the funds managed by its wholly-owned
registered investment advisor, FIDAC. The Company's principal business objective
is to generate net income for distribution to investors from the spread between
the interest income on its mortgage-backed securities and the cost of borrowing
to finance their acquisition and from dividends Annaly receives from FIDAC,
which earns investment advisory fee income. The Company, a Maryland corporation
that has elected to be taxed as a real estate investment trust ("REIT"),
currently has 123,684,931 shares of common stock outstanding.
     This news release and our public documents to which we refer contain or
incorporate by reference certain forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements which are based on various
assumptions (some of which are beyond our control) may be identified by
reference to a future period or periods or by the use of forward-looking
terminology, such as "may," "will," "believe," "expect," "anticipate,"
"continue," or similar terms or variations on those terms or the negative of
those terms. Actual results could differ materially from those set forth in
forward-looking statements due to a variety of factors, including, but not
limited to, changes in interest rates, changes in yield curve, changes in
prepayment rates, the availability of mortgage-backed securities for purchase,
the availability of financing and, if available, the terms of any financing,
FIDAC's clients removal of assets FIDAC manages, FIDAC's regulatory
requirements, and competition in the investment management business. For a
discussion of the risks and uncertainties which could cause actual results to
differ from those contained in the forward-looking statements, see "Risk
Factors" in our Annual Report on Form 10-K for the fiscal year ended December
31, 2004. We do not undertake, and specifically disclaim any obligation, to
publicly release the result of any revisions which may be made to any
forward-looking statements to reflect the occurrence of anticipated or
unanticipated events or circumstances after the date of such statements.


     CONTACT: Annaly Mortgage Management, Inc.
              Investor Relations,
              1- (888) 8Annaly
              www.annaly.com