The senior unsecured debt of Thornburg Mortgage Inc. has been downgraded from Ba3 to B2 by Moody's Investors Service, and Thornburg's preferred stock has been downgraded from B2 to Caa1.The ratings remain under review for possible downgrade. "These rating actions reflect further deterioration in Thornburg's liquidity position due to significant funding and valuation volatility in the single-family mortgage market, even for the prime-quality assets in which Thornburg Mortgage invests," said Moody's analyst Brian Harris. Thornburg, a real estate investment trust, focuses on originating and investing in prime jumbo single-family mortgages, and Moody's said the REIT's access to the capital markets "continues to be constrained by dislocations in mortgage pricing in the jumbo mortgage market." Moody's can be found online at http://www.moodys.com.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
11h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11