FreedomWide- DEBT CONSOLIDATION, LOWER MONTHLY PAYMENTS, CONSOLIDATE DEBT

NEW YORK (Thomson Financial) - Shares of mortgage lenders fell sharply Thursday with Thornburg Mortgage Inc. slumping to a five-week low after the lender warned that the deterioration in the mortgage securities market has left it with ‘reduced readily available liquidity to meet future margin calls.’

Shares of Thornburg declined nearly 20% to $9.23, after hitting an intraday low of $9.10, the lowest price since Jan. 23.

Thornburg said in a filing with the U.S. Securities and Exchange Commission that since Feb. 14, it has met margin calls of more than $300 million on reverse purchase agreements.

Thornburg said that as of Feb. 15, the purchased adjustable rate mortgage assets included $2.9 billion of the super-senior, credit-enhanced mortgage securities, all of which are triple-A rated and backed by Alt-A mortgage collateral.

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Tags: mortgage lenders, Thornburg Mortgage

This entry was posted on Saturday, March 1st, 2008 at 12:57 am and is filed under Mortgage News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.