Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
LAMBIASE JOHN
  2. Issuer Name and Ticker or Trading Symbol
ANNALY MORTGAGE MANAGEMENT INC [NLY]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
C/O: ANNALY MORTGAGE MANAGEMENT, INC, 12 EAST 41ST STREET, SUITE 700
3. Date of Earliest Transaction (Month/Day/Year)
06/24/2005
(Street)

NEW YORK, NY 10017
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Preferred Stock               4,500 D  
Common stock 06/24/2005   M   938 A $ 9.06 0 D  
Common stock 06/24/2005   M   62 A $ 13.69 46,000 D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Option to purchase Common Stock $ 9.06 06/24/2005   M     938 06/26/2001 06/26/2005 Common Stock 938 $ 9.06 0 D  
Option to purchase Common Stock $ 13.69 06/24/2005   M     62 06/26/2002 06/26/2006 Common Stock 62 $ 13.69 1,188 D  
Option to purchase Common Stock $ 18.26 06/27/2005   A   1,250   06/27/2005 06/27/2010 Common Stock 1,250 $ 18.26 1,250 D  
Option to purchase Common Stock $ 8.13             07/31/1999 07/31/2008 Common Stock 1,375   1,375 D  
Option to purchase Common Stock $ 8.63             11/18/2000 11/18/2009 Common Stock 10,000   10,000 D  
Option to purchase Common Stock $ 7.94             11/29/2001 11/29/2010 Common Stock 2,437   2,437 D  
Option to purchase Common Stock $ 20.35             06/26/2002 06/26/2007 Common Stock 1,250   1,250 D  
Option to purchase Common Stock $ 20.7             06/26/2003 06/26/2008 Common Stock 1,250   1,250 D  
Option to purchase Common Stock $ 17.97             08/08/2004 08/08/2013 Common Stock 15,000   15,000 D  
Option to purchase Common Stock $ 17.39             04/20/2005 04/20/2014 Common Stock 15,000   15,000 D  
Option to purchase Common Stock $ 17.21             06/28/2004 06/28/2004 Common Stock 1,250   1,250 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
LAMBIASE JOHN
C/O: ANNALY MORTGAGE MANAGEMENT, INC
12 EAST 41ST STREET, SUITE 700
NEW YORK, NY 10017
  X      

Signatures

 /s/ John Lambiase   06/27/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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