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Thornburg Mortgage posts $3.31 billion loss

Thu Jun 12, 2008 6:15am EDT

(Reuters) - Thornburg Mortgage Inc TMA.N, a specialist in jumbo home loans that nearly collapsed in March, on Thursday posted a $3.31 billion first-quarter loss as the value of securities it owns declined.

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The net loss before preferred stock dividends totaled $20.64 per share, and compared with a year-earlier profit of $75 million, or 62 cents per share. Thornburg had warned in May that it expected to report a substantial quarterly loss.

The Santa Fe, New Mexico-based company specializes in larger mortgages that typically go to buyers of more expensive homes who have good credit. It proved vulnerable to tightening credit markets as investors stopped buying those home loans.

(Reporting by Jonathan Stempel in Bangalore; Editing by Lisa Von Ahn)
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