EXHIBIT (a)(1)(G)

PRESS RELEASE


FOR IMMEDIATE RELEASE CONTACT: Kathy Fern
September 6, 2001
804-217-5800


DYNEX CAPITAL, INC.
ANNOUNCES CASH TENDER OFFERS
FOR SHARES OF ITS PREFERRED STOCK


Dynex Capital, Inc. (NYSE: DX) announced that it will commence tender
offers today to purchase for cash, shares of its Series A Preferred Stock,
Series B Preferred Stock and Series C Preferred Stock. The Company will purchase
up to 212,817 shares of its Series A Preferred Stock for a cash purchase price
of $16.80 per share, up to 297,746 shares of its Series B Preferred Stock for a
cash purchase price of $17.15 per share, and up to 304,757 shares of its Series
C Preferred Stock for a cash purchase price of $21.00 per share.

The three tender offers extend to all outstanding shares of Series A
Preferred Stock, Series B Preferred Stock and Series C Preferred Stock, and will
only be made pursuant to offering materials to be distributed on or about
September 6, 2001. It is expected that each of the tender offers will expire on
Thursday, October 4, 2001 at 5:00 p.m., New York City time, unless extended.
Assuming it is fully subscribed, this tender offer completes the current amount
available for distribution to preferred shareholders allowed pursuant to the
Supplemental Indenture dated March 30, 2001 to the Company's July 2002 Senior
Notes.

The Company's Board of Directors is not making any recommendation to
its preferred shareholders as to whether or not they should tender any preferred
shares pursuant to the offers. The Company's directors and executive officers
have agreed not to participate in the tender offers.

Separately, the Company announced that Stephen J. Benedetti has been
elected to the position of executive vice president and chief financial officer.
Mr. Benedetti had served as the Company's vice president, treasurer and acting
chief financial officer.

This press release is for information purposes only and is not an offer
to buy or the solicitation of an offer to sell any shares of the Series A
Preferred Stock, Series B Preferred Stock or Series C Preferred Stock of Dynex.
The solicitation of offers to buy shares of Series A Preferred Stock, Series B
Preferred Stock or Series C Preferred Stock of Dynex will only be made pursuant
to the Tender Offer Statement (including an Offer to Purchase, the related
Letters of Transmittal and other offer documents), which will be delivered to
all of the holders of the Series A Preferred Stock, Series B Preferred Stock and
Series C Preferred Stock, at no expense to them. The Tender Offer Statement
(including the Offer to Purchase, the related Letters of Transmittal and all
other offer documents when filed with the Commission) will be also available for
no charge at the Securities and Exchange Commission's web site at www.sec.gov.
The Tender Offer Statement (including an Offer to Purchase, the related Letters
of Transmittal and other offer documents) will contain important information
that should be read carefully before any decision is made with respect to any of
the tender offers.

Dynex Capital, Inc. is a financial services company that elects to be
treated as a real estate investment trust (REIT) for federal income tax
purposes.

Note: This document contains "forward-looking statements"(within the meaning of
the Private Securities Litigation Act of 1995) that inherently involve risks and
uncertainties. The Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of unforeseen
external factors. As discussed in the Company's filings with the SEC, these
factors may include, but are not limited to, changes in general economic
conditions, disruptions in the capital markets, the availability of funds from
the Company's lenders to finance future loans, fluctuations in interest rates,
increases in costs and other general competitive factors.

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