It's the "mark to market" rule in GAAP accounting. The market price of these uninsured mortgages as hard to nail down. especialy the variable interest ones. Show me where to find the price, or better yet, an index of what to CIM is shown as an asset, and a critical part of "book value".
I invest in many stocks and was commenting that CIM has continually delayed reporting financials and should be looked at by the SEC, as their extention notices just keep coming. This is one of the main reasons for their recent downgrades by various rating agencies.
Love this stock!!! I shorted and went long for short term trades all day. No positions at the end of the day though(would be a fool to hold any positions with CIM overnight...no telling which way it will go). I'll do some more on Mon.