I would stay simply because the dividend IF cut, would not be cut enough to chase people away to another reit and to make the change worthwile. One can't really gauge this scenario properly however, in advance, simply because its a scenario that could occur sometime in the future or it just might not happen in the short term of two or three years.
They have already said the current div is safe for 2013...at least that is my understanding...so why do you folks want to see a cut? Why can we not leave well enough alone?
the problem here is this: as of 30 seconds ago, teh market was demanding a 15.57% annual dividend to hold AGNC stock. if that is a constant, and the dividend is cut to say $4, the price will tank to between 25 and 26. even if your scenario of 12% comes to pass, the price would not move, provided everybody else is willing to take 12%.
based on current price, they are not. do not forget the opinion poll called Last.