WMC's management teams wrote on its web site that, "We may opportunistically supplement our portfolio with RMBS that are not guaranteed by a U.S. Government agency or U.S. Government-sponsored entity, or non-agency RMBS, commercial mortgage-backed securities and other asset-backed securities. My aforementioned article goes into more detail as to why.

Their stated goal is to provide attractive risk-adjusted returns to the investors over the long-term while taking into consideration a variety of market conditions and economic cycles. As I wrote in my article the share price is now currently below the "adjusted net book value of $19.42 as of March 31."

WMC debuted as a publicly-traded company in May 2012. Its 52-week high of $24.72 was established in September 2012. As you look at the one-year chart below you'll see what happened the last time shares of WMC corrected down to current price levels. Notice the rise in quarterly revenue too. WMC Chart WMC data by YCharts

There's plenty to like about the mortgage REITs right now. The best and brightest will survive and thrive. If you're still suffering from "taper-phobia" just consider the Fed's objectives and determination when it comes to decreasing unemployment and keeping the economy from deflating.

We may have already seen the bottom for mortgage REITs and if not it's probably is quite near. Buy low and then buy more if the shares go even lower. Also, spread your risk around by buying more than one company, and by all means do your own careful due diligence in choosing the ones where you invest.

At the time of publication the author is long NLY and WMC.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

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