Thornburg Mortgage Inc. said Tuesday that its third-quarter losses on sales of securities backed by adjustable-rate mortgages totaled $1.099 billion, $236 million more than previous estimates. The increase was due primarily to receipt of the actual sales price on asset liquidations conducted by third-party financing counterparties, as opposed to sales conducted by the company itself, Thornburg officials said in a press release. Losses also increased because Thornburg sold an additional $1.6 billion in mortgage-backed securities (MBS) beyond the $20.4 billion estimate the company issued Aug. 17. Thornburg also reported a $6 million impairment charge on one mortgage-backed security backed by pay-option adjustable-rate mortgages (ARMs). "It's important to note that the earlier lo...
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