Conference Webcasting
Insight from the Center of the Mortgage Crisis
November 20, 2008Really 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.
