The only question raised by Annaly's (NLY) repurchase plan is "what took the board so long?"...

|About: Annaly Capital Managemen... (NLY)|By:, SA News Editor

The only question raised by Annaly's (NLY) repurchase plan is "what took the board so long?" With shares trading below book value and $100B+ of MBS on its books (much of it trading above par), the company just sold high-priced assets, cut its prepayment exposure by $1.5B, and used the funds to pick up cheap shares.