Exhibit 5.2

                       PIPER MARBURY RUDNICK & WOLFE LLP
                               6225 Smith Avenue
                         Baltimore, Maryland 21209-3600
                              www.piperrudnick.com

                              PHONE (410) 580-3000
                               FAX (410) 580-3001

                               September 28, 2001




ANWORTH MORTGAGE ASSET CORPORATION
1299 Ocean Avenue
Suite 200
Santa Monica, California  90401

         Re:      Registration Statement on Form S-8
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Ladies and Gentlemen:

     We have  acted as  special  Maryland  counsel  to  Anworth  Mortgage  Asset
Corporation,  a Maryland  corporation  (the  "Company"),  in connection with the
preparation  of  a  Registration   Statement  on  Form  S-8  (the  "Registration
Statement") registering 600,000 shares of common stock of the Company, par value
$0.01 per share  (the  "Shares"),  issuable  under the  Anworth  Mortgage  Asset
Corporation 1997 Stock Option and Awards Plan, as amended (the "Plan").

     We have examined copies of the Company's  charter and bylaws,  as in effect
on the date hereof, the Plan, all resolutions  adopted by the Company's Board of
Directors  relating to the  authorization of the issuance of the Shares and such
other  records and  documents  that we have deemed  necessary for the purpose of
rendering this opinion. In such examination of the aforesaid documents,  we have
assumed, without independent  investigation,  the genuineness of all signatures,
the legal  capacity of all  individuals  who have  executed any of the aforesaid
documents,  the authenticity of all documents submitted to us as originals,  the
conformity  with  originals of all documents  submitted to us as copies (and the
authenticity of the originals of such copies), and the accuracy and completeness
of all public  records  reviewed by us. As to factual  matters  material to this
opinion,  we have  relied on  statements  and  certificates  of  officers of the
Company.

     Based upon the  foregoing,  we are of the opinion that the Shares  issuable
under the Plan have been duly authorized and, when issued, sold and delivered as
authorized  by the Board of Directors of the  Company,  will be validly  issued,
fully paid and non-assessable.




Anworth Mortgage Asset Corporation
September 28, 2001
Page 2




     The opinion set forth herein is limited to matters  governed by the laws of
the State of Maryland and no other opinion should be inferred beyond the matters
expressly  stated.  We hereby (i)  consent  to the filing of this  opinion as an
exhibit to the Registration  Statement and (ii) authorize Allen, Matkins,  Leck,
Gamble & Mallory LLP to rely on this opinion,  as if it were  addressed to them,
as to all matters governed by or arising under the laws of the State of Maryland
in rendering their opinion to you in connection with the Registration Statement.
This opinion may not be relied on by any other person or in any other connection
without our prior written approval.



                                    Very truly yours,

                                    /s/  Piper Marbury Rudnick & Wolfe LLP
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