Exhibit 99.1
FOR IMMEDIATE RELEASE

                       ANWORTH MORTGAGE ASSET CORPORATION
         REPORTS EARNINGS OF $0.54 PER SHARE FOR FOURTH QUARTER OF 2001

SANTA MONICA, California - January 23, 2002 - Anworth Mortgage Asset Corporation
(AMEX: ANH) reported earnings for the quarter ended December 31, 2001, of
$1,444,000 or $0.54 per share based on 2,658,427 weighted average common shares
outstanding and $0.53 per share on a fully diluted basis.

At December 31, 2001, Anworth's total assets were $424.6 million and its
mortgage assets consisted of  63% in adjustable-rate mortgage-backed securities,
21% in hybrid adjustable-rate mortgage-backed securities, 13% in fixed-rate
mortgage-backed securities, 2% in floating-rate collateralized mortgage
obligations and $1.8 million of preferred stock in another mortgage REIT.  At
December 31, 2001, 99.6% of Anworth's mortgage-backed securities were guaranteed
by an agency of the United States government such as Fannie Mae or Freddie Mac.
After taking into account a fair value adjustment, Anworth's book value per
share at December 31, 2001 was approximately $7.91.

Between January 1, 2002 and January 18, 2002 Anworth purchased $112.1 million of
mortgage-backed securities guaranteed by an agency of the United States
government.

Anworth is a mortgage real estate investment trust (REIT) which invests in
mortgage assets, including mortgage pass-through certificates, collateralized
mortgage obligations, mortgage loans and other real estate securities.  Anworth
generates income for distribution to shareholders based on the difference
between the yield on its mortgage assets and the cost of its borrowings.


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Safe Harbor Regarding Forward-Looking Statements

Certain statements herein are forward-looking statements within the meaning of
applicable federal securities laws, and  can be identified by the use of
forward-looking terminology such as "may," "will," "intend," "should," "expect,"
"anticipate," "estimate" or "continue" or the negatives thereof or other
comparable terminology.  The Company's actual results could differ materially
from those anticipated in such forward-looking statements as a result of certain
factors,  including the risks set forth in the Company's Registration Statement
on Form S-2 filed with the Securities and Exchange Commission on January 11,
2002 and other documents filed by the Company with the Securities and Exchange
Commission.

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Investor Contact:
Pamela J. Watson
Chief Financial Officer
Anworth Mortgage Asset Corporation
(310) 393-1424 or (310) 394-0115

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