ARMOUR Residential: Book Value To Rise As Mortgage Spreads Decline (Rating Upgrade)

PM Images From 2020 through last year, I had a bearish outlook on most mortgage REITs, specifically those with significantly leveraged exposure to long-term residential mortgage-backed securities. Going back to my bearish outlook on ARMOUR (NYSE:ARR) from September 2020, I expected mortgage rates to rise as the Federal Reserve slowed and reversed its immense quantitative easing effort into the residential mortgage-backed security "RMBS" market. Since ARMOUR has leveraged exposure to the RMBS market, I e ...