Thornburg Completes $1.4 Billion Financing of Loans |
| Bloomberg - Sep 4, 2007 |
Thornburg Mortgage Inc., the jumbo home-loan specialist, sold bonds backed by $1.44 billion of mortgages to pay down credit lines and free up financing to accelerate new lending.
The transaction was collateralized by ``prime'' loans, or those to borrowers with high credit scores, Santa Fe, New Mexico- based Thornburg said today in a statement. The loans carried adjustable interest rates.
Thornburg, which stopped taking new loan applications last month after having its access to short-term credit markets curtailed, resumed lending last week and now is trying to increase the pace. The company last month had to liquidate a third of its mortgage assets and issue $500 million of convertible preferred stock to reduce dependence on credit lines and bolster cash reserves.
Read Full Article from Bloomberg
- Posted: 2007-09-04 09:47:42
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