Thornburg posts $140 mln profit in Q3
NEW YORK (Reuters) - Thornburg Mortgage Inc TMA.N, a specialist in jumbo home loans, posted on Monday a net profit in the third quarter, boosted by a decrease in the value of some liabilities.
The Santa Fe, New Mexico-based company posted a third-quarter profit of $140.0 million, or $1.23 per diluted share, against a loss of $1.1 billion, or $89.41 a year earlier, when it was hammered by the sale of jumbo mortgages.
It said earnings were impacted by a $654.7 million loss on impairment of its MBS portfolio due to further declines in the MBS fair value pricesas well as a $594.6 million fair value gain related to senior subordinated secured notes due in 2015.
Thornburg specializes in mortgages above $417,000 to borrowers with good credit. It ran short of capital as investors stopped buying its loans.
The company ended September with $26.3 billion in assets.
(Reporting by Juan Lagorio; Editing by Kazunori Takada)
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