Thornburg Mortgage(TMA Quote) swung to a monstrous loss of $3.31 billion for the first quarter on the plummeting value of securities tied to home loans and said it expected delinquencies to continue to rise.
The Santa Fe, N.M.-based jumbo loan specialist reported a net loss before paying preferred stock dividends of $20.64 per common share, vs. last year's net income of 62 cents per share. The decline in fair market value of the company's mortgage-backed securities and securitized loan portfolios contributed $1.5 billion to the loss.
A balance sheet and income statement were not included with the quarter's figures, though the CEO and President Larry Goldstone said he expected to file a 10Q with the Securities and Exchange Commission next week. He maintained that most of the negativity of the announcement was due to accounting rules. ...
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