Mortgage REIT owners shouldn't take any comfort from recent downticks in mortgage refinance...

Mortgage REIT owners shouldn't take any comfort from recent downticks in mortgage refinance activity, says American Capital Agency CEO Gary Kain on the earnings call. Interest rates ticked up a bit and mortgage companies have capacity issues, but don't expect either to last. He again points out, AGNC's concentration on low balance mortgages protects it somewhat from prepayment risk.