From the category archives:


Mortgage REIT Annaly Downgraded by Piper Jaffray

January 9, 2010
Thumbnail image for Mortgage REIT Annaly Downgraded by Piper Jaffray

REIT Wrecks avoids the daily ugrade/downgrade wars on Mortgage REITs in favor of longer term trends, but Annaly is a bellwether and for that reason Piper Jaffray’s downgrade of NLY from Neutral to Underweight is worth noting. Piper Jaffray lowered their price target by $3, or over 15%. The most interesting aspect of the downgrade […]

Read the full article →

Annaly’s New Mortgage REIT Falls Short, While Lehman’s Limited Partners Cry Foul

September 20, 2009

It’s true; I was feeling a bit continental so I decided to take an entire month off from the world of REITs and commercial real estate. But Labor Day is no longer the summer sanctuary it once was. Not only does the holiday fall in September, preceding the month that has become known for Black […]

Read the full article →

Agency Mortgage REIT Dividends Get Better & Better

June 25, 2009

Shamefully, I haven’t done much with Agency Mortgage REITs here, but the times they are a changing. Agency REITs are killing it on net interest spreads, and that is causing higher net incomes and increased dividends. What else could an investor want, next to a portfolio of government-guaranteed mortgage debt? Not surpringly, many investors screech […]

Read the full article →

Mortgage REITs Catch Bid on Fed’s New $4 Billion a Day Habit

January 12, 2009

The Fed announced late in 2008 that they would finally follow through on the original TARP intentions and actually buy mortgages. The Fed’s plan is to spend $500 billion by June 30th. That would would be $4 billion a day in government demand for mortgage bonds from the Fed’s munificent money men, so they have […]

Read the full article →

Mr Market trips on Mark to Market, Gives REITs Away

March 5, 2008

In this bountiful era of REIT wreckage, with liquidity having virtually disappeared from the mortgage market, the auction rate securities market, and last week, even the municipal bond market, it is helpful to be reminded of the irrationality that can sometimes rule daily trading gyrations. According to Warren Buffett, Ben Graham said that you should […]

Read the full article →