BENEDETTI POA

SECTION 16
POWER OF ATTORNEY


I, Stephen J. Benedetti, do hereby constitute and
appoint Alison G. Griffin, Susan S. Ancarrow and Shannon V.
Patterson my true and lawful attorneys-in-fact, any of whom
acting singly is hereby authorized, for me and in my name
and on my behalf as a director, officer and/or shareholder
of Dynex Capital, Inc., to (i) prepare, execute in my name
and on my behalf, and submit to the U.S. Securities and
Exchange Commission (the "SEC") a Form ID, including any
necessary amendments thereto, and any other documents
necessary or appropriate to obtain codes and passwords
enabling me to make electronic filings with the SEC of
reports required by Section 16(a) of the Securities Exchange
Act of 1934 or any rule or regulation of the SEC in respect
thereof; and (ii) prepare, execute and file any and all
forms, instruments or documents, including any necessary
amendments thereto, as such attorneys or attorney deems
necessary or advisable to enable me to comply with Section
16 of the Securities Exchange Act of 1934 or any rule or
regulation of the SEC in respect thereof (collectively,
"Section 16").

I do hereby ratify and confirm all acts my said
attorney shall do or cause to be done by virtue hereof. I
acknowledge that the foregoing attorneys-in-fact, serving in
such capacity at my request, are not assuming, nor is Dynex
Capital, Inc. assuming, any of my 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 18th day of March, 2010.


/s/ Stephen J. Benedetti
Stephen J. Benedetti