Submitted by Ronald Tennant with Metrocities Mortgage:
Reuters (05/20/08); Anantharaman, Muralikumar
Thornburg Mortgage Inc. expects to report a "substantial net loss" for the quarter when the Santa Fe, New Mexico-based jumbo lender announces its results by June 2. "A substantial portion of the loss is unrealized resulting primarily from the declines in the fair value of its mortgage-backed securities portfolio," Thornburg indicated in a statement. A year ago, the mortgage lender posted net income of $75 million, but the credit markets have tightened and investors have cut back on purchasing jumbo loans. The company was facing bankruptcy, but was able to raise $1.35 billion from investors in March.
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