Thornburg posts $3.3B quarterly loss
Written on June 16, 2008
Embattled mortgage lender Thornburg Mortgage reported a $3.31 billion loss for the first quarter, and said loan delinquencies are likely to continue to increase "modestly" for the rest of the year.
Before paying preferred dividends, Santa Fe, N.M.-based Thornburg Mortgage Inc. lost $3.31 billion, or $20.64 per share, for the quarter ended March 31. That compares with the profit of $75 million, or 62 cents per share, it posted a year ago.
Thornburg (TMA) specializes in larger mortgages, known as "jumbo loans," which total more than $417,000 free credit report instantly. The company said the value of securities it owns dropped drastically during the quarter amid a slowing economy and continued housing slump.
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