Fitch Downgrades Nine REITs

Fitch Ratings downgraded nine real estate investment trusts (REIT) since April, but according to the firm’s quarterly report of the trusts, recent improvements in the financial markets encourage REITs to begin positioning themselves for economic recovery. Most of the downgraded REITs moved from triple-B negative to double-B or double-B positive, but two, General Growth Properties and [...]

Filings Heard ‘Round the Industry

With Accredited Home Lenders and Thornburg Mortgage both having filed for bankruptcy Friday, the scope of the industry’s problems has become more apparent than ever. Accredited once ranked as one of the largest subprime lenders and Thornburg specialized in high-balance, ultra-prime jumbo loans. The filings are further indication that the recession inhabits every corner of the [...]

A note from Thornburg’s Larry Goldstone

Below is a statement released Friday from Larry Goldstone, president and CEO and Thornburg Mortgage. The company, as many of you know, is headed for bankruptcy after struggling to stay afloat for two years — despite running one of the most conservative lending books in the entire industry. It’s a sad story, and one that [...]

End of the Road at Thornburg

Ultra-prime jumbo mortgage lender Thornburg Mortgage (THMR: 0.00 N/A), which fell victim to the nation’s credit crises in the past 18 months, looks as if it has run out of its proverbial nine lives. The Santa Fe, New Mexico-based company said Wednesday that it expected to file for Chapter 11 bankruptcy protection as it begins [...]

Private Equity Firm to Invest $250 Million in Flagstar

Ailing Flagstar Bancorp, Inc. (FBC: 0.73 -1.35%) announced Thursday that it has entered into an investment agreement with MatlinPatterson Thrift Investments LP, in which MatlinPatterson will inject $250 million in Flagstar, taking a 70-percent stake in the Troy, Mich.-based bank. News of the investment comes two days after Flagstar said its shares could be delisted from [...]

Mortgage REIT Insider: Agencies Ascending

Perhaps the only subsector of the mortgage REIT universe to bring any holiday cheer, the agency-backed mortgage REITs had plenty to be thankful for this past week — especially the Federal Reserve’s initative to buy $500 million in agency-backed MBS. That announcement sent the agency mREITs higher, led by resurgent April IPO Hatteras Financial (HTS: 30.02 [...]

NYSE To Delist Thornburg Shares

Super-jumbo and ultra-prime mortgage lender Thornburg Mortgage, Inc. (TMA: 0.79 0.00%) is about to lose its spot on the New York Stock Exchange, according to a company statement Wednesday morning. The company said that its stock has been suspended from trading and will be delisted for failing to meet the NYSE’s $1.00 rule; the exchange [...]

Mortgage REIT Insider: Walking the Plank

One of these days, I’ll be able to write a positive column about the mortgage REIT sector. Today, however, is not one of those days. This week was one of the ugliest yet for the mortgage finance companies, with vicious selling spurred on by potential bankruptcy at mall REIT giant General Growth Properties (GGP: 1.05 [...]

Mortgage REIT Insider: Outwit, Outplay, Outlast

In the world of mortgage REITs, the game being played is no longer Who Wants to be a Millionaire? Instead, it’s turned into a vicious and bloody game of Survivor — and no one has immunity. CBRE Realty Finance is losing its NYSE listing — and losing its identity, as well. The company was the latest [...]

Mortgage REIT Insider: Chimera Clocked Over Capital

It was yet another black eye for rookie mREIT Chimera Investment Corp. (CIM: 4.00 +0.50%) last week. Chimera hasn’t celebrated the first anniversary of its IPO, but it’s nonetheless headed back to the equity markets for another follow-on offering of 250 million shares. The secondary offering is intended to help Chimera soak up $123.5 million [...]

Next Page »