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6 pts

Opinion on  Thornburg Mortgage Inc. (TMA)     Sector: Services  >  Industry: Real Estate Operations
Really SUPER and no SUB

Dec 15, 2007 12:46 PM GMT
Return Risk
-19.63% HIGH
Analyst

Don't confuse sub-prime with super-prime.....

Latest delinquencies (> 60 days) are DOWN form a whopping 0.28% to 0.24%.   LTV is less than 75%.   FICO scores north of 700. Indications are that dividend will be restored early the week of December 17th.   If only $0.34 (1/2 of prior dividend), yield  will be 12%.

This well-run firm's s tock (historically, management just loves to surprise to the upside) traded above $25 before the SUB mess cratered the mortgage business in August, and could move dramatically upward upon the potential restoration.


TMA:  This call was made on 12/15/07 @ $9.9
Rating:   Positive   $9.9 (12/15/07)
Closed:   04/11/2008 @ $1.23 (-87.58% in 118 days)


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