Mortgage REIT volatility has been incredible lately. The market wants to hate the sector, but the bears grow terrified from time to time. What terrifies them? Probably the fact that they are shorting mortgage REITs which already trade at a huge discount to the net value of their assets. We aren't talking about their trailing book values. We’re talking about the net value of their assets today. Many of those mortgage REITs have a significant amount of relatively liquid assets. When you hear someone say a mortgage REIT can’t sell their agency MBS, you’re hearing