JAY BUCK POA

SECTION 16

POWER OF ATTORNEY



The undersigned does hereby constitute and
appoint Stephen J. Benedetti and Alison G. Griffin as
his true and lawful attorneys-in-fact, either one of
whom acting singly is hereby authorized, to execute
and file in his name and on his behalf any and all
forms, instruments or documents, including any
necessary amendments thereto, as such attorneys or
attorney deems necessary or advisable to enable the
undersigned to comply with Section 16 of the
Securities Exchange Act of 1934 or any rule or
regulation of the Securities and Exchange Commission
in respect thereof (collectively, "Section 16") with
respect to changes in the ownership of shares of the
common or preferred stock of Dynex Capital, Inc. by
the undersigned or by certain related persons or
affiliates of the undersigned.


The undersigned does hereby ratify and confirm
all acts his said attorneys or attorney shall do or
cause to be done by virtue hereof. The undersigned
acknowledges that the foregoing attorneys-in-fact,
serving in such capacity at his request, are not
assuming, nor is Dynex Capital, Inc. assuming, any of
his responsibilities to comply with Section 16.


This power of attorney shall remain in full
force and effect until it is revoked by the
undersigned in a signed writing delivered to each
such attorney-in-fact or the undersigned is no longer
required to comply with Section 16, whichever occurs
first.


WITNESS the execution hereof this 14th day of
August, 2009.



/s/ Jay Buck
Jay Buck