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E Nuff Sed » Comments » AGNC

  • AmREITs on Fire: Prelude or Crescendo? [View article]
    www.smartmoney.com/inv.../
    Sep 26 20:46 pm |Rating: 0 0 |Link to Comment
  • American Capital Agency: Making Money the Old-Fashioned Way [View article]
    The value of their existing portfolio's should increase in the short term given the explicit backing of the govt. So there might be a short term trading opportunity.
    Sep 07 22:12 pm |Rating: 0 0 |Link to Comment
  • American Capital Agency: Making Money the Old-Fashioned Way [View article]
    Looks like their model is the same as Annaly, Hatterras etc. The borrow short term to buy long term mortgages. This is a profitable business as long as the yeild curve is steep. The model will breakdown in a flat yeild curve or inverted yeild curve.

    Financial leverage of 8 X is actually not bad. It is much better than most banks. Leverage is needed to amplify the spread between short term interest they have to pay in order to buy MBS from the GSE's.
    Sep 07 20:24 pm |Rating: 0 0 |Link to Comment
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