More on the carnage in mREITs (REM -5.2%): The pain seems worst for agency REITs and those...
More on the carnage in mREITs (REM -5.2%): The pain seems worst for agency REITs and those most exposed to fixed rates. Western Asset (WMC -9.8%), Ellington Residential (EARN -6.5%), AG Mortgage (MITT -7.5%), Apollo (AMTG -6.7%). Owners of ARMs like Hatteras (HTS -6.6%) and Capstead (CMO -6.4%) aren't spared either. Less torched are stocks like Dynex (DX -2.7%) and Ellington Financial (EFC -3.3%) - both with plenty of non-agency paper on their books and thought to be a well-hedged as they come (yes, we know EFC is a partnership, not an mREIT).
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