<PAGE>

                               POWER OF ATTORNEY


     KNOW ALL MEN BY THESE PRESENTS, that I, Peter G. Allen, constitute and
appoint Philip A. Barach and Daniel K. Osborne, and each of them, as my true and
lawful attorneys-in-fact and agents with full power of substitution and
resubstitution, for me and in my name, place and stead, in any and all
capacities, to sign any Form 10-K or Form 10-Q of Apex Mortgage Capital, Inc.,
and to file the same, with all exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange Commission, granting unto
said attorneys-in-fact and agents, and each of them, full power and authority to
do and perform each and every act and thing in as I might or could do in person,
hereby ratifying and confirming all that said attorneys-in-fact or agents or any
of them, or their or his substitute or substitutes, may lawfully do or cause to
be done by virtue hereof.





/s/ Peter G. Allen
-----------------------------
Peter G. Allen
<PAGE>

                               POWER OF ATTORNEY



     KNOW ALL MEN BY THESE PRESENTS, that I, John C. Argue, constitute and
appoint Philip A. Barach and Daniel K. Osborne, and each of them, as my true and
lawful attorneys-in-fact and agents with full power of substitution and
resubstitution, for me and in my name, place and stead, in any and all
capacities, to sign any Form 10-K or Form 10-Q of Apex Mortgage Capital, Inc.,
and to file the same, with all exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange Commission, granting unto
said attorneys-in-fact and agents, and each of them, full power and authority to
do and perform each and every act and thing in as I might or could do in person,
hereby ratifying and confirming all that said attorneys-in-fact or agents or any
of them, or their or his substitute or substitutes, may lawfully do or cause to
be done by virtue hereof.





/s/ John C. Argue
---------------------------
John C. Argue
<PAGE>

                               POWER OF ATTORNEY



     KNOW ALL MEN BY THESE PRESENTS, that I, John A. Gavin, constitute and
appoint Philip A. Barach and Daniel K. Osborne, and each of them, as my true and
lawful attorneys-in-fact and agents with full power of substitution and
resubstitution, for me and in my name, place and stead, in any and all
capacities, to sign any Form 10-K or Form 10-Q of Apex Mortgage Capital, Inc.,
and to file the same, with all exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange Commission, granting unto
said attorneys-in-fact and agents, and each of them, full power and authority to
do and perform each and every act and thing in as I might or could do in person,
hereby ratifying and confirming all that said attorneys-in-fact or agents or any
of them, or their or his substitute or substitutes, may lawfully do or cause to
be done by virtue hereof.




/s/ John A. Gavin
-----------------------------
John A. Gavin
<PAGE>

                               POWER OF ATTORNEY



     KNOW ALL MEN BY THESE PRESENTS, that I, Carl C. Gregory III, constitute and
appoint Philip A. Barach and Daniel K. Osborne, and each of them, as my true and
lawful attorneys-in-fact and agents with full power of substitution and
resubstitution, for me and in my name, place and stead, in any and all
capacities, to sign any Form 10-K or Form 10-Q of Apex Mortgage Capital, Inc.,
and to file the same, with all exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange Commission, granting unto
said attorneys-in-fact and agents, and each of them, full power and authority to
do and perform each and every act and thing in as I might or could do in person,
hereby ratifying and confirming all that said attorneys-in-fact or agents or any
of them, or their or his substitute or substitutes, may lawfully do or cause to
be done by virtue hereof.




/s/ Carl C. Gregory III
----------------------------
Carl C. Gregory III