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Thornburg Faces More Challenges.(Brief article)
ARLINGTON, VA -- Thornburg Mortgage faces the possibility of more writedowns of mortgage securities backed by repurchase and commercial paper financing, according to a report from analysts at Friedman Billings Ramsey here.
FBR gives Thornburg, a jumbo adjustable-rate mortgage lending specialist, a price target of $5, which represents 70% of FBR's estimated book value for the firm. FBR said the low price target represents Thornburg's exposure to "continued risk exposure to further liquidity events."
FBR also has an "underperform" rating on the company's stock.
Recently, Thornburg mortgage sold $20.5 billion of AAA-rated mortgage securities, resulting in a loss of $930 million. FBR said that Thornburg sold the securities at 95% of par value, causing a loss of $7.58 per common share.
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Source: HighBeam Research, Thornburg Faces More Challenges.(Brief article)