UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 8-K

                             CURRENT REPORT PURSUANT
                          TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


                                   May 7, 2007
                Date of Report (Date of earliest event reported)


                       ANWORTH MORTGAGE ASSET CORPORATION.
                       -----------------------------------
             (Exact Name of Registrant as Specified in its Charter)


                                    Maryland
                                    --------
                 (State or Other Jurisdiction of Incorporation)

                  001-13709                       52-2059785
                  ---------                       ----------
         (Commission File Number)          (IRS Employer Identification No.)



1299 Ocean Avenue, 2nd Floor, Santa Monica, California      90401
------------------------------------------------------      -----
  (Address of Principal Executive Offices)               (Zip Code)


                                 (310) 255-4493
                                 --------------
              (Registrant's Telephone Number, Including Area Code)



Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

|_| Written communications pursuant to Rule 425 under the Securities Act
    (17 CFR 230.425)

|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17 CFR 240.14a-12)

|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
    Act (17 CFR 240.14d-2(b))

|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
    Act (17 CFR 240.13e-4(c))



Item 2.02.             Results of Operation and Financial Condition.


      On May 7, 2007, Anworth Mortgage Asset Corporation ("Anworth") issued a
press release announcing its financial results for the quarter ended March 31,
2007. A copy of that release is furnished as Exhibit 99.1 to this Current Report
on Form 8-K.

      The information in this Current Report on Form 8-K is being provided under
Item 2.02 of Form 8-K and shall not be deemed "filed" for the purposes of
Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liabilities of that Section. The information in this Current
Report on Form 8-K shall not be incorporated by referenced into any registration
statement or other document pursuant to the Securities Act of 1933, as amended,
except as shall be expressly set forth by specific reference in such filing.

      As discussed therein, the press release contains forward-looking
statements within the meaning of the Securities Act and the Exchange Act and, as
such, may involve known and unknown risks, uncertainties and assumptions. These
forward-looking statements relate to Anworth's current expectations and are
subject to the limitations and qualifications set forth in the press release as
well as in Anworth's other documents filed with the SEC, including, without
limitation, that actual events and/or results may differ materially from those
projected in such forward-looking statements.


Item 9.01              Financial Statements and Exhibits.


(a)                         Not Applicable.

(b)                         Not Applicable.

(c)                         Not Applicable.

(d)                         Exhibits.

                            Exhibit 99.1
                            ------------

                            Press Release dated May 7, 2007 of the Registrant.



                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.


                                       ANWORTH MORTGAGE ASSET CORPORATION

Date: May 7, 2007                      By: /s/ Name: Lloyd McAdams
                                           -----------------------
                                               Title:  Chief Executive Officer




                                  EXHIBIT INDEX
                                  -------------



       Exhibit #                            Description
       ---------                            -----------
          99.1                Press Release dated May 7, 2007 of the Registrant.