Articles by Patrick Harden

Mortgage REIT Insider: Agencies Gain on GSE Bailout

The bull market may be back for the agency mREITs. Credit Suisse bumped Annaly Capital [stock NLY][/stock] and Anworth Mortgage [stock ANH][/stock] to outperform, citing the removal of "GSE overhang," and removal of supply/demand imbalances in the MBS market. Bose George over at Keefe Bruyette also chimed in earlier this week, reiterating his outperform rating on the entire agency mREIT sector.
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Mortgage REIT Insider: A Few Deals Still Getting Done

As reported by HW on Wednesday, beleaguered Wachovia Corp. [stock WB][/stock] is selling off a $40 million portfolio of distressed residential construction loans to LandCap Partners. LandCap Partners is a 50/50 joint venture between Goldman Sachs’ [stock GS][/stock] Whitehall Real Estate Funds and commercial mREIT NorthStar Realty Finance [stock NRF][/stock].
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Mortgage REIT Insider: Earnings Stumble Out of the Gate

Earnings season got off to a rocky start this week with miscues by all of the reporting mortgage REITs. Dynex Capital Inc. [stock DX][/stock] had to replace its earnings release; book value and portfolio duration were misstated in the original version. Friedman Billings Ramsey Group Inc. [stock FBR][/stock] didn’t produce an earnings release until after 10:00 pm on Wednesday evening, despite the conference call set for 9:00 am Thursday morning. Gramercy Capital Corp.
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Mortgage REIT Insider: Agency mREITs Catch GSE Flu

Dominating the mortgage REIT landscape this week were the persistent (bad) headlines about the insolvency and potential government bailout of Freddie Mac [stock FRE][/stock] and Fannie Mae [stock FNM][/stock]; HW readers are likely well aware of the issues here by now.
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Mortgage REIT Insider: Capital Trust Crashes

The commercial mortgage REITs started the week behind the proverbial eight-ball, as Monday’s sour news from CapitalSource Inc. [stock CSE][/stock] and a harsh downgrade of Capital Trust, Inc. [stock CT][/stock] set the week’s tone for the sector. It was all downhill from there.
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