Morgan cuts ratings following yesterday's investor presentations

Morgan Stanley didn't like at least some of what it heard at yesterday's JMP Financial Services and Real Estate Conference, slapping a Sell rating on Hatteras (HTS), and removing Buy ratings on Invesco Mortgage (IVR) and Walker & Dunlop (WD).

Hatteras sounded somewhat hopeful, noting ARMs were particularly hard hit over the summer as spreads blew out, but that those spreads are beginning to suck in (yesterday's coverage) (presentation slides) (transcript).

IVR: (transcript).

Commercial real estate lender Walker & Dunlop yesterday blamed higher rates and Frannie pulling back as it cut origination guidance for Q3 (presentation slides from conference).

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