Form: UPLOAD

SEC-generated letter

January 19, 2006

UPLOAD: SEC-generated letter

Published on January 19, 2006






Mail Stop 4561
January 19, 2006

Mr. Stephen J. Benedetti
Principal Executive and Chief Financial Officer
Dynex Capital, Inc
4551 Cox Rd. Suite 300
Glen Allen, VA 23060-6740

Re: Dynex Capital, Inc.
Form 10-K for Fiscal Year Ended December 31, 2004
Form 10-Q for the Quarterly Period Ended March 31, 2005
Form 10-Q for the Quarterly Period Ended June 30, 2005
File No. 1-09819

Dear Mr. Benedetti:

We have completed our review of your Form 10-K and related
filings and do not, at this time, have any further comments.




Sincerely,


Jorge Bonilla
Senior Staff Accountant




Mr. Stephen J. Benedetti
Dynex Capital, Inc.
November 3, 2005
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