Makes ne wonder if it isn't just some sort of bad blood between FBR and Annaly. Since REITS trade right around book value, FBR is saying that BV is going from 12 to 9. That is unreal. Listened to the CC. Their loans are between 65 and 75% of loan to value. So, if correct, that means when there is a default, the principal in every loan is recoverable. They just lose the interest on the NPL. Remember that STWD offered 14 because they wanted the Barclay's portfolio. So, some smart people saw a lot of opportunity here.