Really interesting webcast by Thornburg Mortgage at the Wall Street Analyst Forum conference this week.
Fascinating discussion of the reality inside a mortgage company. Some salient points.
* Their own underwritten portfolio of loans is performing pretty well, with better than average serious delinquency numbers.
* Their worst part of their portfolio by far was purchased wholesale from a Californian mortgage bank.
* They believe that their portfolio write-downs, per mark-to-market, have been considerably in excess of true value. They are expecting significant write-ups in the future. Suggesting, that their issues are liquidity rather than loan performance.
Great view inside of a company near the eye of the storm.
The Credit Crisis and Education
April 14, 2008
Recommended Reading – SEC to Examine Boards’ Role in Financial Crisis, Washington Post
February 20, 2009
What were they thinking? The Financial Crisis in the Banking Sector.
May 21, 2009
Best Performing Sectors Contingent on European Debt Crisis
October 20, 2011
Bank of Marin Bancorp (NASDAQ:BMRC) CEO Russell Colombo Covers COVID 19 Crisis Management
December 17, 2020