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To: Schnullie who wrote (41342)	5/28/2005 3:42:32 AM
From: Dale Baker	Read Replies (1) \| Respond to of 118717

The mortgage REITS are really two issues in one - first, will the market shoot first and ask questions later no matter how the REIT is managed. Second, is the company hedged and managed well enough to maintain their cash flow and dividend payout in a changed RE scenario with fewer originations and a weak securitization market? I decided there were too many questions, and NFI management was handling the short issue badly. I was more comfortable moving on. If you want a sounder RE play, sell your NFI and buy JOE and just tuck it away. They are a pure cheap land play with grownups in charge. But not much dividend. I own some investment land directly so I didn't add JOE to my stock portfolio.