We invested in this REIT to earn an interest spread from the AAA rated MBS securities and short term borrowings. It is working fine. Now, NLY is planning to open up a mortgage banking operation. For whose benefit? I hope they do not plan to lend in sub-prime paper. All of those guys are blowing up. Is the mortgage banking sub necessary? Shouldn't shareholders get to vote on this first? Take a look at HCM stock and earnings. This REIT has a mortgage banking sub that has soak up millions in cash and incurred losses since its inception. If Mgmt pours alot of money into this sub or uses the REIT as a dumping ground for bad loans originated. I will be extremely pissed. Right now I have my finger on "sell trigger" awaiting a review of the 3rd Qtr 10Q.