The smart money begins to make a distinction between the mREITs and servicers or specialty mortgage investors like Ocwen (OCN +1.5%), New Residential (NRZ +3.7%), and Newcastle (NCT +1.4%). All opened to the downside but have turned higher since. To the extent they own servicing or credit-sensitive assets, one could make the argument they all benefit from higher rates. Others to keep an eye on: NSM, SFI, PMT, NRF.
The smart money begins to make a distinction between the mREITs and servicers or specialty...
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