"Our goose is cooked," writes a mortgage trader, imagining a conversation at the trading desk of...

"Our goose is cooked," writes a mortgage trader, imagining a conversation at the trading desk of a pure GSE mREIT like Annaly (NYSE:NLY). With MBS prices bid to all-time highs (thank you Fed) and refinances on the way up, mREITs face an ugly combination of lower yields and higher prepays. One solution: Unload their MBS at these high prices - tell the staff to take a long vacation - and wait for Bernanke to exit.