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Annaly Leads REIT Retreat
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Updated from 10:34 a.m.
Mortgage REITs got hammered Friday as investors fled from a pair of big dividend cuts.
Annaly Mortgage Management (NLY Quote) plunged 12% Friday after the company cut its dividend by 64%. The real estate investment trust, which primarily invests in mortgage-backed securities, is seeing its profits being squeezed by a flat yield curve, reflecting the difference between short-term and long-term interest rates. ...
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