Casey- I actually think rates down 50bps would be worse for the mREITs. When I say mREITs, I mean the GSE focused mREITs such as NLY, AGNC etc. This is because their funding costs (repo) would not materially fall while prepayments would continue to speed up and reinvestment opportunities would be even worse. We have seen this play out since this article, but you'll see more and more dividend cuts and margin pressure.