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UPDATE 1-Thornburg Mortgage has 2nd-qtr profit

Mon Aug 25, 2008 7:45pm EDT

(New throughout, adds dateline)

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NEW YORK, Aug 25 (Reuters) - Thornburg Mortgage Inc TMA.N, a specialist in jumbo home loans, posted a $412.3 million quarterly net profit on Monday, helped by a $536.9 million gain from the declining value of a liability.

For the quarter ended June 30, Thornburg said it earned $412.3 million, or 84 cents per share, compared with a year-earlier $83.4 million, or 66 cents a share.

The company has been raising money by selling shares. The second-quarter net income per share is based on 484.6 million shares compared with 119.3 million shares in the year-earlier quarter.

Thornburg had in June reported a $3.31 billion first-quarter loss.

The Santa Fe, New Mexico-based company specializes in mortgages above $417,000, which typically go to buyers of more expensive homes who have good credit.

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