Two Harbors Investment Corp. plans to offer its first issue of private-label RMBS late this year, joining a growing number of REITs that are prepping for a reduction - likely a gradual one over the years - in government-guaranteed mortgages.

"We want to be in position so that as the securitization (for Fannie Mae and Freddie Mac) market opens up, agency loan limits come down, and more borrowers go to private market, we can capture market share," said Bill Roth, co-chief investment officer at Two Harbors.

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