market does not believe their NTA and dubious about ability to continue the AAA rating and raise cheap finance, in which case their profit spread disappears. i.e. in the current environment their model is unlikely to work, but that should, we hope, only be temporary.
in the 40c range they are a steal, if you have faith
AXQ
allco max securities and mortgage trust
market does not believe their NTA and dubious about ability to...
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