US home loan specialist Thornburg Mortgage Inc has
sold bonds backed by $1.44 billion of mortgages to pay
down credit lines and free up financing to accelerate
loans, or those to borrowers with high credit scores,
Santa Fe, collateralised the transaction New Mexico-based
Thornburg said in a statement.
loans carried adjustable interest rates.
which stopped taking new loan applications last month
after having its access to short-term credit markets curtailed,
resumed lending last week and now is trying to increase
company last month had to liquidate a third of its mortgage
assets and issue $500 million of convertible preferred
stock to reduce dependence on credit lines and bolster