Thornburg quarterly losses hit $3.3 billion

Thornburg, the near-bankrupt jumbo mortgage lender reported a loss of $3.3 billion for the quarter. The losses were due to downgrades of the company's mortgage backed securities as well as an increase in delinquencies in it's jumbo loan portfolio. Thornburg wrote mainly jumbo adjustable rate mortgage used to buy properties with loan amounts over the conforming loan limits set by Fannie Mae and Freddie Mac. From Bloomberg: Thornburg Mortgage Inc., the "jumbo" home lender that averted bankruptcy in April, said it lost $3.31 billion in the first quarter because of writedowns on securities linked to real estate. Falling home sales and weak demand from investors who buy mortgages forced Thornburg to seek a bailout from new investors and pushed the stock below $1. The lender has lost $6.65 billi