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To: reaper who wrote (146963)	1/29/2002 6:11:45 PM
From: LLCF	Respond to of 436258

I did a lot of REIT work in the early 90's but all equity REITS... as you wanted assets cheap. I never like mortage REITS, and watching Crimi Mae melt pretty much kept me from ever looking at them seriously as an investment. Needless to say I was surprised when "GRANT'S" did a piece on NLY putting it in a relatively positive light. I forget the reasoning, and it was a while back, but it included hedges... I'll try and find the back issue. <As the resident real estate expert here> Not exactly! LOL, DAK