AmNet Mortgage, Inc. Repurchases 500,000 Shares of Its Stock at $8.80 Per Share

Business Wire, June 29, 2004

SAN DIEGO -- AmNet Mortgage, Inc. (Amex:INV), the parent company of American Mortgage Network (AmNet), a wholesale mortgage bank serving mortgage brokers nationwide, today announced that the Company had purchased 500,000 shares of its stock at $8.80 per share through a privately negotiated transaction with a single entity. The transaction has a value of $4.4 million and is not part of the Company's recently announced stock repurchase plan.

On May 13, 2004, Company announced a stock buyback program, authorizing the repurchase of up to 400,000 shares, or approximately 5% of the common shares outstanding at March 31, 2004. The timing of the repurchases made through this program will depend on market conditions and corporate requirements. The repurchases will be made using the Company's cash resources.

John M. Robbins, Chief Executive Officer, stated, "We were presented with a unique business opportunity that had the potential to increase stockholder value. The timing for this particular transaction was perfect because we could utilize a portion of the proceeds of our recently completed mortgage portfolio sale. It is our continuing belief that our stock is undervalued. Our 500,000 share repurchase and our ongoing stock repurchase program are especially compelling given that the Company's shares are trading at a substantial discount to book value."

About AmNet Mortgage, Inc.

AmNet Mortgage, Inc. is the parent company of American Mortgage Network. For more information, please visit www.amnetmortgageinc.com.

About American Mortgage Network

Headquartered in San Diego, California, AmNet is a wholly owned subsidiary of AmNet Mortgage, Inc. AmNet originates loans for the national mortgage broker community through its network of branches and business-to-business over the Internet. AmNet has loan production offices in Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Kansas Minnesota, New Jersey, New York, North Carolina, Oregon, Rhode Island, Texas, Utah, Virginia, and Washington.

AmNet has a total of $1.4 billion in warehouse borrowing capacity and is approved to do business in 49 states and the District of Columbia either by license or exemption. AmNet has 5,000 approved broker customers across the nation. For more information, please visit www.amnetmortgage.com.

Forward-Looking Statement

Certain matters discussed in this press release may constitute forward-looking statements within the meaning of federal securities laws. Forward-looking statements include statements regarding stock repurchase activity and the potential to increase stockholder value. Actual results and the timing of certain events could differ materially from those projected in or contemplated by these forward-looking statements due to a number of factors, including but not limited to: the level of interest rates generally; economic conditions generally; the size of the national mortgage market; interest rate volatility; the availability of financing for the funding of mortgage loans; the Company's liquidity position; the trading price of the Company's stock and other risk factors outlined in the Company's SEC reports.