Items Tagged with 'Thornburg Mortgage'

ARTICLES

  • SEC abandons case against Thornburg Mortgage executives

    Execs accused of concealing company’s failing financial condition
    The Securities and Exchange Commission is giving up in its case against two former Thornburg Mortgage executives who stood accused of hiding the financial condition of Thornburg as the once-dominant mortgage lender stumbled towards collapse during the financial crisis.
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  • Judge rules against RBC in mortgage lawsuit

    Thornburg Mortgage entited $45 milllion
    A district judge awarded the court-appointed trustee overseeing the liquidation of Thornburg Mortgage $45 million in his crisis-era lawsuit against Royal Bank of Canada since the bank undervalued the seized mortgage-backed securities it sold.
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  • 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.
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  • 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 lending industry. But neither comes as a major shock.
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  • 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 should remind us of just how tough a climate we're really facing. We send our best wishes to those affected.
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  • End of the Road at Thornburg

    Ultra-prime jumbo mortgage lender Thornburg Mortgage [stock THMR][/stock], 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 the liquidation of its remaining assets.
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  • 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.
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  • NYSE To Delist Thornburg Shares

    Super-jumbo and ultra-prime mortgage lender Thornburg Mortgage, Inc. [stock TMA][/stock] 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 requires company stocks to maintain an average closing price of greater than $1.00 over a consecutive 30-day period.
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  • 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 [stock GGP][/stock] and the news that two major commercial loans near default are sinking newly-minted CMBS JPMorgan Chase Commercial Mortgage Securities Trust 2008-C2. With that, let’s take a look at which mortgage REITs are in danger of walking the plank this week.
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