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American Capital Agency: Sequential Book Value Growth + Extreme Book Value Discount = Strong Buy?

Do mortgage REITs make an attractive value proposition? This question haunts investors for the better part of the last two years. 2013 was a terrible year for mortgage REITs as a group, and even though book values stabilized and ultimately rebounded in 2014, investors are noticeably more cautious about such income vehicles today than they were in the past. Dividend cuts have wounded…