Apex Mortgage Capital (AXM) Message Board

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Strategies & Market Trends : Apex Mortgage Capital (AXM)

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To: MCorbley who wrote ()	9/24/1998 12:05:00 AM
From: George T. March	of 2

Hi MCorbley, Thanks for the nice post on Apex. I have in the past purchased a few shares of various mortgage reits and for the most part have not had any success with them. They need a positive spread to make money and have the stocks stop going down. That can only happen I'm told when long rates go up as they borrow short and lend long. I know the price potential in mortgage reits is terrific if rates reverse direction and people stop refinancing. Stocks like TMA, CMO, RWT, ICH ,etc. have all been trashed in the last few years. So, what is AXM doing different than these others and why are they appearing to make money in the mortgage business when the others have failed miserably? Most of these mortgage managements are not too trustworthy based on the happenings of the last several years. I certainly hope you have a big winner in AXM and would love to own a few mortgage reits on the return trip when it happens. Your kind response would be appreciated. Thanks...George

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