INDEPENDENT AUDITORS CONSENT
Published on April 18, 2000
Exhibit 23.2
Consent of Independent Auditors
The Board of Directors
Dynex Capital, Inc.:
We consent to incorporation by reference in Registration Statements Nos.
333-22859, 333-10783, 333-10587 and 333-35769 of Dynex Capital, Inc. on Form S-3
and Registration Statement No. 333-32663 of Dynex Capital, Inc. on Form S-8 of
our report dated February 4, 1998, except as to the 1997 information contained
in note 17, which is as of April 14, 1999, relating to the consolidated
statements of operations, shareholders' equity and cash flows of Dynex Capital,
Inc. and subsidiaries for the year ended December 31, 1997, which report appears
in the December 31, 1999 annual report on Form 10-K of Dynex Capital, Inc.
KPMG LLP
Richmond, Virginia
April 14, 2000