Mortgage REITs on the move as Summers pulls out of Fed running

|By:, SA News Editor

Compass Point upgrades Western Asset Mortgage (WMC) to Buy with $17.50 price target.

Shares +2.5% premarket, but it's likely more about Summers withdrawing from the Fed chairman's race. NLY, AGNC, ARR, IVR, and TWO are all up more than 2% in early action.

Earlier: Compass point initiates coverage on several non-agency mREIT names, starting them all at Buy.

Related ETFs: REM, MORT, MORL.