Financial stocks were slouching again Tuesday even as the rest of the market treaded water in anticipation of the third-quarter earnings season kickoff.
Thornburg Mortgage (TMA Quote) was one of the biggest sector losers, tumbling 9.3% after the mortgage lender added another $236 million to its loss estimate on asset sales to $1.099 billion. It now approximates having sold $22 billion in high-quality adjustable-rate-mortgage assets, which compares with the prior $20.4 billion estimate.
The Santa Fe, N.M., company based the changes on newly received documentation for sales conducted by third party financing counterparties, as well as sales that occurred after Aug. 17 and a single $6 million impairment charge on a mortgage-backed security. Shares of Thornburg were down $1.25 to $12.21. ...
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