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More on the Citi mREIT note (previous): The team is more constructive on the credit-sensitive...

More on the Citi mREIT note (previous): The team is more constructive on the credit-sensitive players, reiterating a Buy on PennyMac (PMT) and believing commercial mortgage REITs like Starwood (STWD) and Blackstone Mortgage (BXMT) have been treated too harshly. Hybrids (IVR, TWO, MFA, DX, WMC, JMI come to mind) are likely to find the negative impact of their agency holdings offsetting any benefit from their nonagency paper.
Comments (2)
  • Things really ought to be interesting, come September.
    You know, when the fed does not reduce the Q/E rate.
    Proving, once again, that 90% of the "experts" are dead wrong.
    As usual.
    9 Jul 2013, 12:31 PM Reply Like
  • I believe you are right. This negative talk is just what it seams to be. This is an effort to reduce the expectations, lower the market now,
    and then in Sept....continue with QE, but from a lower market point than early summer.
    9 Jul 2013, 01:40 PM Reply Like
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