The mREITs (REM +27.4%) are sporting some gaudy gains again today, but the moves are not a whole lot more than sizable blips on the charts after the big declines of the past few weeks.
In any case, the sector appears for now to have broken out a reflexive cycle in which declines in asset values were forcing margin calls/distressed sales, which were forcing declines in asset values, which were forcing margin calls/distressed sales, and so on.
Stalwarts: Annaly Capital (NLY +11.9%) and AGNC Investment (AGNC+11%)
Among the more distressed names: New York Mortgage (NYMT +73.4%), MFA Financial (MFA +107%), Ellington Financial (EFC +13.1%), Invesco (IVR +59.8%), PennyMac (PMT +40.8%), Anworth (ANH +59.9%), New Residential (NRZ +43.9%), AG Mortgage (MITT +126.2%), Two Harbors (TWO +11.1%).