Gundlach reiterates bullish MBS call

• Rising interest rates have killed refinancing - eliminating prepayment risk - and home prices continue to move higher, a particularly bullish cocktail for non-agency MBS, says Gundlach (DBL, DSL), who finds those securities vastly more attractive than high-yield paper (HYG, JNK).
• Asked about Annaly (NYSE:NLY) - an owner of agency MBS - Gundlach says he likes it and likes its management, but won't be buyer until after the dividend is cut to something more in line with what core earnings might be.
• "Something for Nothing" slides and webcast
• Non-agency MBS players include: MTGE, MFA, DX, TWO
• Related mREIT ETFs: REM, MORT, MORL
• High-yield ETFs: HYG, JNK, HYS, HYLD, SJNK, PHB, SJB, ANGL, XOVR, UJB, QLTC, SHYG
• Previous: "Freaking out" about interest rate risk