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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The threats to companies loom as borrowers face soaring homeowners insurance costs, ex-Ginnie Mae head Ted Tozer explains.
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The Federal Housing Administration, the Department of Veterans Affairs and the Federal Housing Finance Agency have started gathering data and analyzing how climate risk will impact the housing ecosystem.
April 22 -
A special committee is exploring any possible structural "strategic alternatives," which would be aimed at increasing shareholder value, the real estate investment trust said.
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An insurance-indexed debt-to-income ratio could help mitigate borrowers' rising premiums, and help maintain a healthy servicing portfolio, experts said.
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But the number of properties whose mortgage is more than 90 days late is at its lowest since 2006, ICE Mortgage Technology said.
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Industry leaders expressed a high degree of satisfaction with technology in use, but also said a product's cost is the most important criteria for them when partnering with vendors, according to Fannie Mae research.
April 22