I think that, if you are running a company that is valued at close to a billion dollars, you should have a plan. To say that you are going to do nothing and wait and see what happens strikes me as very odd.

What happens if the mortgage securitization business never comes back? Is this company just going to drift along and wait for some other short term trading opportunity to drop in their lap?

I am not impressed. I probably do not sell at this level, but I sure am thinking about it. There are better opportunities in the other MReits that do have management with successful and clearly articulated operating plans.