CIM is starting to show proven success with RE REMICS and this is starting to look like a more and more important part of their business model. For those interested here is some of the material that I have found on RE REMICS

http://www.deloitte.com/assets/Dcom-Unit...

Before before we react and say this is what got us into this mess in the first place... remember there are no bad bonds only bad prices -- and prices are much better today than they were when this all started.

I for one like the strategy -- but I like the yield and price on NLY common better. When the relative value of NLY vs CIM improves (IE CIM yield ~200 bps higher than NLY) then I might more more into CIM.

It looks to me like CIM has cleaned up their internal problems, have found a business model that works and appear to be executing on a more professional level than in the past.

CIM appears to have been transformed from a total Goat F%^&* to a professional organization that seems to have a business model that works and seems to be executing. They have also cleaned up their professionalism in general.

I would only add that their business model is highly complex and they should spend more Investor Relations cycles explaining it more clearly to investors via white papers or supplemental briefings.