Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Anworth Mortgage Asset Corp. (NYSE: ANH) fell more than 11% in early trading before closing down less than 1%. A large share-repurchase program has offset initial fears over a lower dividend payment.

So what: First, the company announced a $0.23-per-share dividend -- $0.02 lower than in previous quarters -- at about 8:30 a.m. Eastern. Nine hours later, management announced the buyback.

Now what: To be fair, Anworth isn't the only REIT taking a beating. Annaly Capital Management (NYSE: NLY) and American Capital Agency (Nasdaq: AGNC) have also declined. But it's Anworth that's chosen to commit to repurchase up to 2 million shares in open-market transactions -- a risky bet given the sad state of the housing market. Do you agree? Would you buy shares of Anworth Mortgage at current prices? Please weigh in using the comments box below.

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Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. He didn’t own shares in any of the companies mentioned in this article at the time of publication. Check out Tim's portfolio holdings and Foolish writings, or connect with him on Google+ or Twitter, where he goes by @milehighfool. You can also get his insights delivered directly to your RSS reader.

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