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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: John Vosilla who wrote (108097)	3/6/2008 1:19:01 AM
From: Lizzie Tudor	Read Replies (3) \| Respond to of 306849

well they are a quality name compared to some of these. Whats sad is that the junk companies ended up destroying the good ones. That didn't happen with tech, the solid companies were basically ok in the bust- business down sure but no BKs at Cisco, Oracle etc. Here Thornberg has to pay for everybody elses sins.

To: John Vosilla who wrote (108097)	3/6/2008 7:37:19 AM
From: Think4Yourself	Read Replies (5) \| Respond to of 306849

I really liked Thornburg. Their CEO was/is quite frank, and they HAD an excellent portfolio of mortgages. Their problem was that they pretty much only did Jumbo loans. When the market dried up, only conventional loans had any value, because the GSE's would buy them. As a result TMA's business disappeared and any time TMA had to meet a margin call they had to sell premium securities at a huge discount. Got very lucky in that I sold all our TMA when it hit 12 recently. I noticed the price last night and initially thought the quote logic was broken. Will be surprised if there are any hints of fraud or wrongdoing. A well run company goes belly up while Wall Street goes all out to save frauds like MBI and ABK. It's truly disgusting.