Something happening with TMA!
Investors....come in please!
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Wow! big hitters are jumping on TMA!
Originally Posted By: Pablo
I'm out. Now I find myself sitting on a pile of cash again.
Me 2.. Made 7 bux + div.
I'm out. Now I find myself sitting on a pile of cash again.
Me 2.. Made 7 bux + div.
Originally Posted By: Oldmoparguy1
Wow! big hitters are jumping on TMA!
Quote:
More than $300 million paid to back mortgage securities since Feb. 14
SAN FRANCISCO (MarketWatch) -- Thornburg Mortgage Inc. has had to come up with more than $300 million in cash since Valentine's Day to back troubled mortgage-related securities, according to a company regulatory filing.
If it can't meet future margin calls, Santa Fe, N.M.-based Thornburg (TMA) warned that it may have to start selling some assets to raise cash.
Thornburg shares slumped 20% to change hands at $9.26 shortly after the open on the New York Stock Exchange.
Thornburg's disclosure marks the latest sign that the mortgage market hasn't recovered since the subprime crisis erupted in the summer. That's despite aggressive interest-rate cuts by the Federal Reserve, several efforts to minimize foreclosures and new legislation to stimulate the broader economy.
The market value of mortgage-related securities fell between 10% and 15% in February, triggering margin calls, Thornburg explained.
Margin calls happen when securities bought with borrowed money lose value. If they drop too far, brokers require more cash be deposited in an investor's account to support the position or else sell some of the assets.
That happened to $2.9 billion of mortgage-backed securities Thornburg holds, forcing the company to post more than $300 million since Feb. 14, the company explained.
There was "once again a sudden adverse change in mortgage market conditions," Thornburg said. It hasn't realized any losses on the securities, but the company has "observed deterioration in the liquidity for these securities and increased difficulty in obtaining market prices."
"In the event that we cannot meet future margin calls from our available cash position, we might need to selectively sell assets in order to raise cash," Thornburg said. "To date, no such sales have been required to meet margin calls."
Wow! big hitters are jumping on TMA!
Quote:
More than $300 million paid to back mortgage securities since Feb. 14
SAN FRANCISCO (MarketWatch) -- Thornburg Mortgage Inc. has had to come up with more than $300 million in cash since Valentine's Day to back troubled mortgage-related securities, according to a company regulatory filing.
If it can't meet future margin calls, Santa Fe, N.M.-based Thornburg (TMA) warned that it may have to start selling some assets to raise cash.
Thornburg shares slumped 20% to change hands at $9.26 shortly after the open on the New York Stock Exchange.
Thornburg's disclosure marks the latest sign that the mortgage market hasn't recovered since the subprime crisis erupted in the summer. That's despite aggressive interest-rate cuts by the Federal Reserve, several efforts to minimize foreclosures and new legislation to stimulate the broader economy.
The market value of mortgage-related securities fell between 10% and 15% in February, triggering margin calls, Thornburg explained.
Margin calls happen when securities bought with borrowed money lose value. If they drop too far, brokers require more cash be deposited in an investor's account to support the position or else sell some of the assets.
That happened to $2.9 billion of mortgage-backed securities Thornburg holds, forcing the company to post more than $300 million since Feb. 14, the company explained.
There was "once again a sudden adverse change in mortgage market conditions," Thornburg said. It hasn't realized any losses on the securities, but the company has "observed deterioration in the liquidity for these securities and increased difficulty in obtaining market prices."
"In the event that we cannot meet future margin calls from our available cash position, we might need to selectively sell assets in order to raise cash," Thornburg said. "To date, no such sales have been required to meet margin calls."
Originally Posted By: cmhj
Yeeeeee haw, zig zags are a blast but don't get married to them for very long.
Fun isn't it??
Made my score for Feb. and still got a big div coming. Now I'll sit and watch for the next opportunity. Life is good..
Yeeeeee haw, zig zags are a blast but don't get married to them for very long.
Fun isn't it??
Made my score for Feb. and still got a big div coming. Now I'll sit and watch for the next opportunity. Life is good..
Originally Posted By: cmhj
Watch what happens going into later next week. Fade the living @$%&@%^@%& out of it.
Guy in back with both hands up!! Help me!!
Was does "fade" mean?
Watch what happens going into later next week. Fade the living @$%&@%^@%& out of it.
Guy in back with both hands up!! Help me!!
Was does "fade" mean?
Short?
Originally Posted By: Oldmoparguy1
Short?
Go back to my post of last Thur. when I said the bears should back off for a bit. Within that post I was looking for a possible shot back at the Feb highs. This Tue. & Wed. we came to within 8 SPX points of such.
To date of the over 10 predictions made on this thread and here>>> http://www.bobistheoilguy.com/forums/ubb...676#Post1065676 all but 2 calls have come to term.
I can't do much more pro bono work here but will be back on this thread in a few days with my final or next to last comments for some time regarding the market.
Short?
Go back to my post of last Thur. when I said the bears should back off for a bit. Within that post I was looking for a possible shot back at the Feb highs. This Tue. & Wed. we came to within 8 SPX points of such.
To date of the over 10 predictions made on this thread and here>>> http://www.bobistheoilguy.com/forums/ubb...676#Post1065676 all but 2 calls have come to term.
I can't do much more pro bono work here but will be back on this thread in a few days with my final or next to last comments for some time regarding the market.
Clear as bell. Thanks cmhj. You have been very helpful. Hurry back!
Wheee... Taking a ride today!
Mon-O-man! It is so hard not to pull the trigger on TMA.
But I won't, I won't, I won't. Next week though...
But I won't, I won't, I won't. Next week though...
I was thinking the same. I may enter a buy order at $8.90.
I nibbled a little just now: XLU, EPI, PGN - I have mentioned these before. Prices now look reasonable.
I nibbled a little just now: XLU, EPI, PGN - I have mentioned these before. Prices now look reasonable.
A potential pattern, no time to explain, I need to verify with my after hours system and this could be very wrong.
We could reverse this by or around early next week, up into the end of next week or near the end of next week and back down into mid March.
anyway I'm cashing in my shorts again.
gotta' go
We could reverse this by or around early next week, up into the end of next week or near the end of next week and back down into mid March.
anyway I'm cashing in my shorts again.
gotta' go
Hey VeeDubb, you might not be thanking me next week. Preliminary issues suggest I was having some data feed issues. A bounce on Mon. might be a head fake.
Regardless, I'm fryed from playing the zigzags with over 100 people cowering my every move & I need to do some work out of the office early next week too. We've made more jack since X-mas Eve then most do in a year so no biggie on our end if things continue down.
Late next week is key from a cyclical perspective. The end of the week should clear up a lot of pattern counts I have going.
But for now it's Miller Time.
Regardless, I'm fryed from playing the zigzags with over 100 people cowering my every move & I need to do some work out of the office early next week too. We've made more jack since X-mas Eve then most do in a year so no biggie on our end if things continue down.
Late next week is key from a cyclical perspective. The end of the week should clear up a lot of pattern counts I have going.
But for now it's Miller Time.
Quote:
But for now it's Miller Time.
Way to go man.. Have a good one..
But for now it's Miller Time.
Way to go man.. Have a good one..
I didn't sell my short funds today. But darn glad I sold EEB yesterday! I did buy 100 more shares of QLD.
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