Assessing Survival Potential: Orchid Island Capital Has A Major 'Fed Put' [Seeking Alpha]
EXANTAS CAPITAL CORP (XAN)
Last exantas capital corp earnings: 10/30 06:08 pm
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Source: Seeking Alpha
SummaryMortgage have seen extreme declines in March, creating a vast array of deep-value turnaround opportunities.Orchid Island Capital, which invests in Agency-backed RMBS, has lost over half of its value and had to sell off $1.5B of its assets to meet margin requirements.While investors are concerned about a 2008 repeat residential MBS crisis, mortgage borrowers are the least extended they've been in decades and Fannie Mae and Freddie Mac are much stronger.Following March's RMBS volatility, the Federal Reserve has begun to aggressively buy MBS securities which directly supports ORC's portfolio.With the mortgage yield curve steepening, ORC will also likely see net-interest margins increase over the coming months and years.As detailed in "Assessing Survival Potential: Exantas Capital Corp. Likely To Indirectly Gain From Liquidity InjectionsAs explained in the article, mortgage are one of the few areas where I believe there is a significant "Federal Reserve Put." Investors live in fe
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