Thornburg Reports Record Profits

Thornburg Mortgage Inc., Santa Fe, N.M., has reported record net income of $45.8 million ($0.68 per share) for the third quarter, compared with $32.6 million ($0.67 per share) a year earlier.Thornburg Mortgage Home Loans Inc., the company's mortgage lending subsidiary, closed $997.4 million in adjustable-rate mortgage loans during the quarter, up 64% from that of a year earlier. "Though interest rates have risen and refinancing activity has declined materially, ARMs have gained in popularity versus traditional 30-year mortgages, and as a result, our origination channels continue to produce healthy volumes," said Joseph Badal, chief executive officer of the lending subsidiary. Thornburg Mortgage, a real estate investment trust, can be found online at http://www.thornburg.com.