Thornburg Mortgage Inc. (TMA) Shares Plummet on Credit Downgrade
Shares of Thornburg Mortgage Inc., a prime mortgage lender and real estate investment trust, fell in Monday trading after Standard & Poor's downgraded its credit rating Friday and as concerns in the mortgage market persist.
Shares of Thornburg Mortgage lost $2.89, or 16 percent, to $15.17 in afternoon trading, and reached a 52-week low of $14.51 in earlier in the day. Shares had traded between $17.30 and $28.40 during the past year.
S&P downgraded Thornburg Mortgage's long-term counterparty credit rating to "B" from "BB" Friday, citing the "unsteady state of secured financing capital markets" that the company relies upon to fund operations.
Shares of Thornburg Mortgage lost $2.89, or 16 percent, to $15.17 in afternoon trading, and reached a 52-week low of $14.51 in earlier in the day. Shares had traded between $17.30 and $28.40 during the past year.
S&P downgraded Thornburg Mortgage's long-term counterparty credit rating to "B" from "BB" Friday, citing the "unsteady state of secured financing capital markets" that the company relies upon to fund operations.
Labels: Thornburg Mortgage Inc., TMA
posted by Stock Administrator @ 8:20 PM
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