http://blownmortgage.disqus.com/Mortgage and finance with a sarcastic bentenThu, 28 Aug 2008 12:32:22 -0000http://blownmortgage.com/2008/08/27/thornburg-on-its-last-legs/#comment-1896364Thornburg did, indeed, operate with sound underwriting. They only seemingly created a profitable niche. I'm not saying I could have done better or that I even understand how they obtained the money they lent out. It's clear in retrospect, though, that they didn't adequately move risk off of their books onto someone else's when their servicing portfolio could be virtually without defaults and they were still taken down by "mark-to-market". <br><br>Their ongoing operations have been a mere shell for many months. The rates they're offering are well into the double digits, so obviously they're not doing any new business whatsoever. Continuing the ruse of putting out daily ratesheets must be part of attempt to buffalo ignorant young stock & bond analysts into thinking that there might be a remote chance that Thornburg could survive. They can't. If their share price fell to 4 cents, I'd still sell.Fielding MellishThu, 28 Aug 2008 12:32:22 -0000http://blownmortgage.com/2008/08/27/thornburg-on-its-last-legs/#comment-1877725This is one of the truly sad stories in all of this mess. These guys cultivated a profitable niche, operated with sound underwriting guidelines and are still going down. This one is throwing out the baby with the bath water because companies like Thornburg deserve a place in this industry. <br><br>Hopefully their major players can reorganize and make a comeback once the capital flows resurface in a few years.jlewis44Wed, 27 Aug 2008 16:52:42 -0000