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                                                                    EXHIBIT 99.2

     Asset Acquisition Policy

  The Company will only acquire those Mortgage Assets that are consistent with
the Company's balance sheet guidelines and risk management objectives. Since the
intention of the Company is generally to hold its Mortgage Assets as long term
investments, the Company will generally not seek to acquire Mortgage Assets with
investment returns that are attractive only in a limited range of scenarios. The
Company believes that future interest rates and mortgage prepayment rates are
very difficult to predict. Therefore, the Company will seek to acquire Mortgage
Assets that it believes will provide competitive returns over a broad range of
interest rate and prepayment scenarios.

  The Company will acquire Mortgage Assets that it believes will maximize
returns on capital invested, after considering (i) the amount and nature of the
anticipated cash flow from the Mortgage Assets, (ii) the Company's ability to
pledge Mortgage Assets to secure collateralized borrowings, (iii) the increase
in the Company's capital requirement determined by the Company's Capital and
Leverage Policy resulting from the purchase and financing of Mortgage Assets,
(iv) the costs of financing, hedging, managing, securitizing and reserving for
Mortgage Assets, and (v) the Company's credit risk management policy. Prior to
acquisition of a Mortgage Asset, potential returns on capital employed are
assessed over the life of the Mortgage Asset and in a variety of interest rate,
yield spread, financing cost, credit loss and prepayment scenarios.

  The Company will also give consideration to balance sheet management and risk
diversification issues. A specific Mortgage Asset that is being evaluated for
potential acquisition is deemed more or less valuable to the Company to the
extent it serves to increase or decrease certain interest rate or prepayment
risks that may exist in the balance sheet, to diversify or concentrate credit
risk, and to meet the cash flow and liquidity objectives the Company may
establish for the balance sheet from time to time. The Company will evaluate the
addition of a potential Mortgage Asset and its associated borrowings and hedges
to the balance sheet and the impact that the potential Mortgage Asset would have
on the risk in, and returns generated by, the Company's balance sheet as a whole
over a variety of scenarios.

  The Company may also purchase the stock of other mortgage REITs or similar
companies when it believes that such purchase will yield relatively attractive
returns on capital employed. When the stock market valuations of such companies
are low in relation to the market value of their assets, such stock purchases
can be a way for the Company to acquire an interest in a pool of Mortgage Assets
at an attractive price. The Company does not, however, presently intend to
invest in the securities of other issuers for the purpose of exercising control
or to underwrite securities of other issuers.

  The Company intends to acquire new Mortgage Assets, and will also seek to
expand its capital base in order to further increase the Company's ability to
acquire additional Mortgage Assets, when the potential returns from additional
Mortgage Assets appear attractive relative to the return expectations of
stockholders (as expressed principally by the effective dividend yield of the
Common Stock). The Company may in the future acquire Mortgage Assets by offering
its debt or equity securities in order to acquire such Mortgage Assets.

  The Company generally intends to hold Mortgage Assets as long term
investments. In addition, the REIT Provisions of the Code limit in certain
respects the ability of the Company to sell Mortgage Assets.  The Company may
decide to sell Mortgage Assets from time to time, however, for a number of
reasons including, without limitation, to dispose of a Mortgage Asset as to
which credit risk concerns have arisen, to reduce interest rate risk, to
substitute one type of Mortgage Asset for another to improve yield or to
maintain compliance with the 55% requirement under the Investment Company Act,
and generally to restructure the balance sheet when the Company deems such
action advisable. The Company will select any Mortgage Assets to be sold
according to the particular purpose such sale will serve.  The Company has
complete discretionary authority to determine the timing of sales or the
selection of Mortgage Assets to be sold.

  As a requirement for maintaining REIT status, the Company must distribute to
stockholders annually aggregate dividends equaling at least 95% of its Taxable
income.  The Company will make additional distributions of capital when the
return expectations of the stockholders (as expressed principally by the
effective dividend yield of its Common Stock) appear to exceed returns
potentially available to the Company through making new investments in Mortgage
Assets.  Subject to the limitations of applicable securities and state laws, the
Company can distribute capital by making purchases of its own Common Stock,
through paying down or repurchasing any outstanding uncollateralized debt
obligations, or through increasing the Company's dividend to include a return of
capital.