Formerly About Advanced Micro Devices Message Board

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Politics : Formerly About Advanced Micro Devices

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To: bentway who wrote (346806)	8/15/2007 10:48:16 AM
From: tejek	Read Replies (1) of 1577057

The consequence of Bernanke's hard line is we are starting to see the good lenders capitulate and potentially file Chapter 11. TMA doesn't do subprime......has all jumbo A+ loans.......but it can't get money either. Same with Country and now there's talk that WA Mutual might get into trouble. We're in danger of throwing the baby out with the wash. Thornburg's Fate Will Tell Us a Lot By Jim Cramer RealMoney.com Columnist 8/15/2007 8:00 AM EDT Thornburg Mortgage (TMA - commentary - Cramer's Take - Rating) will define this period. Or at least the next 30 days of Thornburg. Because that is, I believe, about how much time it has before it's in real trouble with funding. At least that's what I have to believe, given that the company thinks holding the dividend over a month will be the source of its survival. The dividend isn't the issue, though. It's the franchise. Think of it: If the book value of the company is $14.28, if the default rate is extremely low, why doesn't someone buy them? Why doesn't someone step up? Bank of America (BAC - commentary - Cramer's Take - Rating)? Wachovia (WB - commentary - Cramer's Take - Rating)? SunTrust (STI - commentary - Cramer's Take - Rating)? Merrill Lynch (MER - commentary - Cramer's Take - Rating)? The ever-quiet Lehman Brothers (LEH - commentary - Cramer's Take - Rating)? Why isn't this property worth something to someone, if only just to be able to inject the money and then get the book value out of it -- forget the origination business? Or is it that no one has any money? Or no one believes the book value? Or that the whole thing can be bought 30 days from now at a much lower price or in receivership? Tough questions. But they are the ones you should be asking. At the time of publication, Cramer had no positions in stocks mentioned. thestreet.com

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