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Anworth Mortgage Asset Corporation Message Board

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  • pc4me58 pc4me58 Feb 20, 2010 10:07 AM Flag

    Why the 4.4% price drop on Friday?

    The biggest thing to come out of the Anworth release was its vintage disclosure. While we applaud the firm for this extra layer of information, it doesn't endear us to the stock. With 45% of its portfolio in 2006 and 2007 originated ARMs and about 60% of its ARM portfolio interest only, it is a prime candidate to see a huge spike in prepayments for its portfolio with the GSE buyouts. Thus, while the stock is cheap trading under book value, we are going to fully exit the name and book our profits. As we've said in the past, we'd rather get out too early than too late on these names.

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4.91-0.06(-1.21%)Oct 27 4:02 PMEDT