MFA Financial's (MFA) strategy of holding 60% agency and 40% non-agency MBS has allowed it to avoid the stumbles of 100% agency MBS mREITs (see Annaly), but what if the Fed turns its gaze to the non-agency area? No worries, says management on the conference call - this paper is on the books at about a 30% discount to par. If the Fed wants to bid it up, it could turn into a gain for MFA even if prepays rise. (earnings, earlier)
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