I doubt that anyone reading this blog didn't hear the name "Thornburg" at least a couple times. Thornburg Mortgage (TMA) has become the poster child for the credit crunch gripping U.S. capital markets. I believed that the company had fully weathered last summer's crisis and was beginning to make a serious comeback. Now, more assets will have to be sold out of the portfolio or Thornburg will have to do another deeply dilutive offering.
It was encouraging to see that the Company did manage to complete a $992 million securitization - at least someone realizes that Thornburg has good paper. Unfortunately for TMA, most market participants want no paper at all.
1 comment:
Seems a damn shame a company with a stellar portfolio of loans going down the tubes because of parasitic Wall Street bullshit.
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