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.