Liquidation Warning; Bottleneck Spotted | Zero Hedge: "The behavior of mortgage REIT’s lately embody a great deal of confusion about what they actually are and what that really represents. The first aspect to understand is that they are not participants in actual real estate, rather more closely aligned as a specialty financial firm akin to a non-registered bank. They make money as banks do (or supposedly they do in the textbook version) pocketing the spread between borrowing short (and ultra-short) and investing long (in mostly MBS)."
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