Forced to sell high-quality jumbo loans at a discount, Thornburg Mortgage, Santa Fe, N.M., posted a $1.1 billion loss in the third quarter.Company president and chief operating officer Larry Goldstone argued that the liquidity crisis in the nonconforming market -- at least as it pertains to Thornburg -- reflects "investor perception, not investment reality." At the end of September, the publicly traded real estate investment trust had assets (mostly adjustable-rate mortgages) of $36.3 billion, compared with $52.7 billion at the end of December. At the end of the third quarter it boasted a delinquency rate of just 0.27%. However, because of the liquidity crisis, the company has been forced to sell high-quality assets as a way to keep its lenders happy.
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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.
8h 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.
11h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11