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Annaly Capital Management, Inc. Message Board

  • officejrb officejrb Nov 4, 1998 4:51 PM Flag


    This company holds only AAA paper that can be sold in a matter of hours to realize BV of 10.25. The stock sells at 8-yields 13.5%
    Who says that the capital markets are efficient!

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    • 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.

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