正文
The company was forced to sell close to $20B worth of AAA rated jumbo mortgages at 5% discount to raise cash today. It didn\'t do anything reckless. But it is still punished hard recently.
________________________________________________________________
Thornburg specializes in adjustable-rate ``jumbo\'\' loans of more than $417,000. Those mortgages are made to people with good credit, though because of the loans\' size, they don\'t qualify for purchase by Fannie Mae or Freddie Mac.
``Through no actions of ours and through minimal risk-taking on the part of the company, we had to incur a $930 million loss in order to be sure that the company survives,\'\' Goldstone said in the interview. ``We don\'t have bad loans, we don\'t have a bad credit portfolio, we spent 14 years building a reputation as a premier, high-quality mortgage company, and in one week the market has destroyed a lot of that value and a lot of that hard work.\'\'
About 94 percent of the real-estate securities Thornburg now owns are rated AA or higher, and about 0.23 percent of its loans are delinquent, compared with a national average of 2.3 percent, according to the statement.
________________________________________________________________
Thornburg specializes in adjustable-rate ``jumbo\'\' loans of more than $417,000. Those mortgages are made to people with good credit, though because of the loans\' size, they don\'t qualify for purchase by Fannie Mae or Freddie Mac.
``Through no actions of ours and through minimal risk-taking on the part of the company, we had to incur a $930 million loss in order to be sure that the company survives,\'\' Goldstone said in the interview. ``We don\'t have bad loans, we don\'t have a bad credit portfolio, we spent 14 years building a reputation as a premier, high-quality mortgage company, and in one week the market has destroyed a lot of that value and a lot of that hard work.\'\'
About 94 percent of the real-estate securities Thornburg now owns are rated AA or higher, and about 0.23 percent of its loans are delinquent, compared with a national average of 2.3 percent, according to the statement.
评论
目前还没有任何评论
登录后才可评论.
