Management at Annaly publishes a monthly market commentary and will occasionally express their thoughts and opinions on more specific issues and events in the financial markets. These commentaries are intended for informational purposes only, and should not be construed as an offer to sell, nor a solicitation of an offer to buy, any securities of Annaly Capital Management, Inc. or any other company.

Editor’s Note: CEO Mike Farrell has been well ahead of the curve on the mortgage crisis, identifying the severity of the problem long before the banks acknowledged the losses and uncertainties in the 2nd half of 2007.Mr. Farrell and the management team’’s monthly market analysis are a must read, especially during this mortgage crisis, to avoid losses as well as identify profitable opportunities.