Jumbo lender Thornburg Mortgage Inc. said Tuesday the company bounced back from a billion-dollar third-quarter loss to turn a profit in the final quarter of 2007, and plans to originate loans at a faster pace this year than it did during the housing boom. Santa Fe, N.M.-based Thornburg said fourth-quarter net income totaled $64.8 million -- a remarkable turnaround from a $1.09 billion third-quarter loss that was driven by the fire sale of $21.9 billion of securities backed by adjustable-rate mortgages (see Inman News story). Originations fell to $516.7 million in the fourth quarter, down from $1.3 billion in the previous quarter and also in the fourth quarter of 2006. But Thornburg executives said the company is on track to originate $6.1 billion in loans this year, surpassing the past high mark of $5.6 billion in 2006. Although the Mortgage Bankers Association projects that total mortgage originations will fall about 16 percent in 2008, Thornburg says it's now well capit...
by Brad Inman | on Mar 21, 2017
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