Last year was extremely difficult for companies operating in the mortgage market. Mortgage originators saw volumes collapse as home affordability was hit with a double whammy of rising interest rates and home prices. Mortgage real estate investment trusts (mREITs) suffered after mortgage-backed securities (MBS) declined amid rising interest rates. If you bought AGNC Investment (NASDAQ: AGNC) at the beginning of 2022, you would be nursing some losses. 

AGNC Investment is a mortgage REIT that invests primarily in mortgage-backed securities that are guaranteed by the U.S. government. If you refinanced your mortgage last year with one backed by Fannie Mae or Freddie Mac, it was probably securitized and it may have ended up on a mortgage REIT's balance sheet. 

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Source Fool.com