AGNC (NASDAQ: AGNC) attracts a lot of attention with its eye-popping forward yield of 12.8%. It might seem like a high-yield trap, but its projected EPS of $1.51 will still cover its forward dividend rate of $1.44. It also looks dirt cheap at seven times forward earnings. However, AGNC trades at that discount because its earnings are declining. As a mortgage real estate investment trust (mREIT), AGNC buys mortgages and mortgage-backed securities (MBS), earns interest on those investments, and distributes i ...