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): February 10, 1994


             RYMAC Mortgage Investment Corporation         
     (Exact name of Registrant as specified in its charter)


    Maryland               1-10001               25-1577534       
(State or other          (Commission          (I.R.S. Employer
jurisdiction of          File Number)         Identification No.)
incorporation)


     500 Market Street, Suite 600, Steubenville, Ohio  43952      
     (Address of principal executive offices)        (Zip Code)


Registrant's telephone number, including area code: (614) 284-6960


__________________________________________________________________
  (Former name or former address, if changed since last report.)














                                





Item 5.  Other Events



The Financial Accounting Standards Board (FASB) has issued
Financial Accounting Standard No. 115 (FASB-115), "Accounting for
Certain Investments in Debt and Equity Securities," effective for
fiscal years beginning after December 15, 1993.  The Company
intends to apply FASB-115 to its financial statements for its
December 31, 1993 fiscal year end.

Until December 15, 1993, the Company had been applying Emerging
Issues Task Force ("EITF") Issue No. 89-4 "Accounting for a
Purchased Investment in a Collateralized Mortgage Obligation
Instrument or in a Mortgage-Backed Interest-Only Certificate" in
its quarterly valuation of its Mortgage Derivative Securities. 
EITF 89-4 requires a valuation adjustment when, under market based
assumptions as to future mortgage prepayment speeds and interest
rate levels, the nominal cash flows expected from a Mortgage
Derivative Security asset are less than the current carrying value
of the asset.  

FASB-115 requires that impaired investments be carried at fair
market value.  The EITF has tentatively concluded that an
impairment has occurred if the future cash flows, discounted at a
risk free rate (the yield associated with a U.S. Treasury Security
with a maturity approximating the average life of the future cash
flows from the Company's portfolio of investments), are less than
the investment's carrying value.  After consideration of the
alternative, the Company has determined to adopt FASB-115 as of
December 31, 1993 instead of waiting until 1994.  The application
of FASB-115 will cause the Company to reduce the carrying value of
its Mortgage Derivative Securities to their estimated fair market
value at December 31, 1993.  Based on preliminary calculations, the
Company estimates the write down to be in an approximate amount of
$7-8 million, which will result in a reduction of shareholders'
equity as of December 31, 1993 to a range of $5.7 to $6.7 million.




















                            SIGNATURE


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, thereto duly authorized.


                         RYMAC Mortgage Investment Corporation
                                     (Registrant)



                         By:     /s/ Richard R. Conte          
                              Richard R. Conte, Chairman of the   
                              Board, Chief Executive Officer and
                              Principal Financial Officer








Date:  February 10, 1994
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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): February 10, 1994

             RYMAC Mortgage Investment Corporation         
     (Exact name of Registrant as specified in its charter)

    Maryland               1-10001               25-1577534       
(State or other          (Commission          (I.R.S. Employer
jurisdiction of          File Number)         Identification No.)
incorporation)

     500 Market Street, Suite 600, Steubenville, Ohio  43952      
     (Address of principal executive offices)        (Zip Code)

Registrant's telephone number, including area code: (614) 284-6960

__________________________________________________________________
  (Former name or former address, if changed since last report.)

                                

Item 5.  Other Events

The Financial Accounting Standards Board (FASB) has issued
Financial Accounting Standard No. 115 (FASB-115), "Accounting for
Certain Investments in Debt and Equity Securities," effective for
fiscal years beginning after December 15, 1993.  The Company
intends to apply FASB-115 to its financial statements for its
December 31, 1993 fiscal year end.

Until December 15, 1993, the Company had been applying Emerging
Issues Task Force ("EITF") Issue No. 89-4 "Accounting for a
Purchased Investment in a Collateralized Mortgage Obligation
Instrument or in a Mortgage-Backed Interest-Only Certificate" in
its quarterly valuation of its Mortgage Derivative Securities. 
EITF 89-4 requires a valuation adjustment when, under market based
assumptions as to future mortgage prepayment speeds and interest
rate levels, the nominal cash flows expected from a Mortgage
Derivative Security asset are less than the current carrying value
of the asset.  

FASB-115 requires that impaired investments be carried at fair
market value.  The EITF has tentatively concluded that an
impairment has occurred if the future cash flows, discounted at a
risk free rate (the yield associated with a U.S. Treasury Security
with a maturity approximating the average life of the future cash
flows from the Company's portfolio of investments), are less than
the investment's carrying value.  After consideration of the
alternative, the Company has determined to adopt FASB-115 as of
December 31, 1993 instead of waiting until 1994.  The application
of FASB-115 will cause the Company to reduce the carrying value of
its Mortgage Derivative Securities to their estimated fair market
value at December 31, 1993.  Based on preliminary calculations, the
Company estimates the write down to be in an approximate amount of
$7-8 million, which will result in a reduction of shareholders'
equity as of December 31, 1993 to a range of $5.7 to $6.7 million.

                            SIGNATURE

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, thereto duly authorized.

                         RYMAC Mortgage Investment Corporation
                                     (Registrant)

                         By:     /s/ Richard R. Conte          
                              Richard R. Conte, Chairman of the   
                              Board, Chief Executive Officer and
                              Principal Financial Officer

Date:  February 10, 1994