We get it ... you're not a fan of the Fed. The rambling Annaly (NLY -4%) conference call is an exercise for management (and some of the questioners) to complain about the distortions caused by Fed policy and how mortgage markets may blow up as that policy is reversed.
QE3 is the equivalent of a new $6B mortgage REIT with 6x leverage being formed every month, says CEO Wellington Denehan, who also notes these new mortgage REITs are uneconomic buyers.
Available later on SA, the transcript should be an interesting read as Denehan and her team muse about the process of trying to figure out this market.
In the meantime, Annaly shares reprice themselves for what looks to be another dividend cut (payout was $0.35 per share last quarter). The current price of $11.11 per share is a 12.5% discount to September 30 book value of $12.70 - seems about inline compared to much of the rest of the mREIT (REM -0.8%) sector.