Comments for Thornburg Mortgage may file bankruptcy
Nemo says:
But I thought they only lent to rich people.
Nemo Tue Mar 17 14:46:51 2009 CDT #
Hymns for the Lord says:
They did. But forgot that rich can *become* poor.
Parent Post
Hymns for the Lord Tue Mar 17 16:36:22 2009 CDT #
CRbot says:
This comment thread has been HALO-IZED by CRbot.
http://realize.org/cr/halokit.php?halourl=http://www.haloscan.com/comments/calculatedrisk/7931876929668298728
CRbot Tue Mar 17 14:47:15 2009 CDT #
nova says:
More posted on the ongoing story of what will be like when the economy crashes.
excerpt:
I walked down to the local restaurant and had an egg sandwich on mystery bread. The family that made them had taken over what had been a Chinese carryout. They slept there, and kept the chickens behind the restaurant. Probably not really sanitary, but the eggs were good. I asked the Ethiopian women who ran it “What the hell is in the bread today?” I would have sworn there was sawdust in it. I never could say her name. She had way too many vowels and letters, same for her husband. I called her m’am and him sir and left it at that. She smiled, answering “Is good?”
Max has a good post up also.
http://afterthecrash.net
nova Tue Mar 17 14:50:32 2009 CDT #
DS in DC says:
We've only just begun... to deleverage.
DS in DC Tue Mar 17 14:51:13 2009 CDT #
DS in DC says:
We have only just begun... to deleverage
DS in DC Tue Mar 17 14:52:24 2009 CDT #
Lucifer says:
Che!
03.17.09 -- 12:07AM By Josh Marshall
I was reading this very dispiriting article in the Times about how folks in the administration have known about the AIG bonuses for months, how the folks at AIG are now saying they'd never have done any of it without the go-ahead from the Treasury and -- best of all -- how the plan to get AIG to pay the bonus money back appears to involve giving AIG still more taxpayer money which they can then hand back to us as 'repayment', while the new bonused execs (bonees?) get to keep the money anyway.
But all was not lost. Because I found out a little more about AIG Financial Products, my new obsession.
We've already told you about Joseph Cassano, former head of AIGFP, the guy who ran the operation as they were busy making tons of money blowing up AIG and the global economy.
Inter alia, the Times article reports the division is now run by Gerry Pasciucco, a former vice chairman of Morgan Stanley. On the left, you can see a recent photograph of Mr. Pasciucco from a party in Belle Haven, sporting a Che Guevara t-shirt, blue blazer and handkerchief, with some sort of sporting drink I'm unable to identify (possibly a mojito?).
http://www.talkingpointsmemo.com/archives/2009/03/che.php
Lucifer Tue Mar 17 14:52:34 2009 CDT #
fried says:
"a party in Belle Haven"
for those who are curious, this is the wealthiest part of old Greenwich, Ct. and home to the Belle Haven yacht club.
Parent Post
fried Tue Mar 17 16:31:05 2009 CDT #
Comrade Elmer Fudd says:
apparently something was wrong with their business model
Comrade Elmer Fudd Tue Mar 17 14:53:03 2009 CDT #
Hoopajoops LTD says:
No deals coming across my desk lately.
Hoopajoops LTD Tue Mar 17 14:54:09 2009 CDT #
Comrade Tiberius says:
The Green destruction continues ... time for the Justinian Solution.
Comrade Tiberius Tue Mar 17 14:54:25 2009 CDT #
Natomas slums says:
I wonder how many of those Thornburg deflauts are my new neighbors? The people on the right have already left. The couple on left are bailing now and leaving us with a green pool. The broadband installer (who paid 635k) is letting it go now. The place right across the lake should be sold at the courthouse in a few weeks. I'm sure there will be more after April.
Natomas slums Tue Mar 17 14:55:25 2009 CDT #
Lucifer says:
Hoopajoops LTD & Nemo,
Look at the AIG dude in the Che T-shirt. This is beyond ridiculous, and tell us a lot about rich NYers and their version of socialism.
:-D
Lucifer Tue Mar 17 14:56:55 2009 CDT #
Scrabble says:
AIG
Abuse In General
Acceptance In Gaff
Absurdity In Genius
Parent Post
Scrabble Tue Mar 17 15:08:14 2009 CDT #
ArtVandelay22 says:
That picture ought to appear next to the word "putz" in the next edition of Webster's.
Parent Post
ArtVandelay22 Tue Mar 17 15:54:46 2009 CDT #
Basel Too says:
wow.
Basel Too Tue Mar 17 14:57:01 2009 CDT #
Anonymous says:
Who cares if they had good credit?? When you lend money on an overpriced pile of sticks and stucco which loses half of it's value, the buyer walks!!
Anonymous Tue Mar 17 14:58:03 2009 CDT #
daveNYC says:
Wasn't Thornburg considered one of the stronger mortgage companies? Better portfolio, higher standards, safer LTV, and all that jazz?
daveNYC Tue Mar 17 14:58:21 2009 CDT #
nades says:
Yep. Only loaned to rich people who could afford to pay their whole loan but IO's because of the deduct. Or something like that... You know how it goes! ;)
Parent Post
nades Tue Mar 17 15:05:54 2009 CDT #
ScroogeMcDuck says:
China is secretly dumping US treasuries
http://www.atimes.com/atimes/China_Business/KC18Cb02.html
ScroogeMcDuck Tue Mar 17 14:58:37 2009 CDT #
Gavshire Hathaway says:
And comrade rally monkey scores again!
Gavshire Hathaway Tue Mar 17 14:58:49 2009 CDT #
crispy and cole says:
Things still improving here...(my comments are not based on the markets, I think the casino, errr stock market is a worthless indicator)
crispy and cole Tue Mar 17 14:59:34 2009 CDT #
crispy and cole says:
But Cramer said TMA was a strong company.
crispy and cole Tue Mar 17 15:00:02 2009 CDT #
sm_landlord says:
Thornburg was supposedly one of the better outfits, making more conservative loans, albeit ARMs. But that's an old story, they were essentially wiped out in late 07, then hammered again early 08. I actually thought they were already dead.
sm_landlord Tue Mar 17 15:00:22 2009 CDT #
Morocco Bama says:
We've all been subprime for quite some time. It's a matter of managing veneers.
Morocco Bama Tue Mar 17 15:00:52 2009 CDT #
Rob Dawg says:
Correction: We are all jumbo sub-prime now!
Rob Dawg Tue Mar 17 15:02:28 2009 CDT #
Comrade Elmer Fudd says:
lotta bargains out there today
Comrade Elmer Fudd Tue Mar 17 15:02:50 2009 CDT #
MS says:
and people say we are heading for deflation. Take a look at the market....that has asset inflation written all over it.
Thanks Fed, Treasury and the continuation of the Bush presidency, from a financial policy standpoint.
Don't forget to give a shout out to Bill "pimpco" Gross for alot of this as well.
Ciao
MS
MS Tue Mar 17 15:02:58 2009 CDT #
EvilHenryPaulson says:
You know how the Guardian reported on Barclays tax avoidance schemes, and then was subsequently censored by Barclays in court?
The original documents are available to read @
http://wikileaks.org/wiki/The_Guardian:_Censored_Barclays_tax_avoidance_leaked_memos%2C_16_Mar_2009
Scroll down to
Contents
BarclaysBerry.pdf
BarclaysValiha.pdf
BarclaysBrazil.pdf
BarclaysBrontos.pdf
BarclaysKnight.pdf
BarclaysLux.pdf
BarclaysFaber.pdf
EvilHenryPaulson Tue Mar 17 15:03:07 2009 CDT #
sm_landlord says:
Here is some odd news:
Housing starts surge 22% on apartment building
"WASHINGTON (MarketWatch) - Boosted by an 82% increase in construction of apartment buildings, U.S. housing starts surged 22% in February to a seasonally adjusted annual rate of 583,000, the Commerce Department estimated Tuesday."
This is too big to be a statistical error - I wonder what heck is going on?
sm_landlord Tue Mar 17 15:03:59 2009 CDT #
Comrade Byzantine_Ruins says:
THIS IS HORZESHIT. Next time it'll be an additional tax surcharge on people who like pizza, or people who chew with their mouth open, or (fill in the blank). Nothing worse then precedents.
Little late to weep for the death of the rule of law now. What, now THIS will make it calvinball?
F that, man, all due respect to you. It's a kleptocracy man. the rules are a fading memory. Arrest their asses on terror charges and confiscate their assets. With all the radical police powers that cover the financial system for "anti-terror" and "drug money" combatting purposes, there's no way they're not all guilty of hundreds of counts of some felony or another people gleefully made up in the midst of the irrational policy spree. If they run, kill them with Predator drones. Kill their heirs, kill their wives, kill their golf pals and squeeze every penny out of every one you can get into the jaws of the state.
What, is that an offense too great for the robbery of several trillion dollars from your posterity? I don't advocate murder, this should be formal policy of the state. Who cares about the rule of law? We need to rewrite the judicial code3 and refound the apparatus of the state bureaucracy. Killing some bankers hiding in caves is like a footnote to what comes next. History will forget them in the hurrah of the reformation of the state. The rule of law has been dead for years.
Comrade Byzantine_Ruins Tue Mar 17 15:04:26 2009 CDT #
Comrade Byzantine_Ruins says:
That was Black Star Ranch I was quoting, without any malice.
Parent Post
Comrade Byzantine_Ruins Tue Mar 17 15:08:56 2009 CDT #
Morocco Bama says:
They're not apartments....they're cells.
Morocco Bama Tue Mar 17 15:05:56 2009 CDT #
iceman says:
Tanta had high regard for Thornburg. And they are now bankrupt. Which makes you wonder about the skeletons in all the major banks' closets.
iceman Tue Mar 17 15:05:59 2009 CDT #
Sexy Derivative says:
There were rumors of bankruptcy last year. I would have guessed that it had already occurred.
Sexy Derivative Tue Mar 17 15:06:42 2009 CDT #
CRbot says:
The Latest from Jesse:
Nasdaq 100 Futures Hourly Chart Into the Close
CRbot Tue Mar 17 15:06:54 2009 CDT #
Rob Dawg says:
Thornburg was in the buggy whip and collar stay business. It didn't matter if it made good whips, it didn't matter if its collar stays were consistently profitable. The industry moved out from under it. In the old Soviet Union you needed to meet all the requirements of the Central Party in order to qualify for decent housing. Thank God we don't have... oh... wait. Nevermind.
Rob Dawg Tue Mar 17 15:07:41 2009 CDT #
Uncle Billy, Mental Widget says:
How will this affect the Santa Fe Institute?
Uncle Billy, Mental Widget Tue Mar 17 15:07:42 2009 CDT #
ms. uptodate says:
"We've all been subprime for quite some time. It's a matter of managing veneers."
my latest suit is actually made out of flat screen tv's
i have to carry around a small gasoline generator if a plug isn't available
i manage my veneer with a specially adapted i-phone
ms. uptodate Tue Mar 17 15:10:21 2009 CDT #
Comrade Byzantine_Ruins says:
According to a Tuesday regulatory filing, MatlinPatterson surrendered all of its Thornburg common stock -- 120.8 million shares -- on March 12 and 16 without any compensation.
Wow. Did some of the early vultures ever catch a falling knife.
Comrade Byzantine_Ruins Tue Mar 17 15:10:53 2009 CDT #
Anonymous says:
Well, at least Matlin Patterson's loss is smaller than TPG's Wamu loss. The "outperformance" should look great in the 2010 sales brochures.
And I'd be remiss if I didn't mention Joe Lewis's adventure with Bear Stearns.
The smartest guys on wall street - until they run out of fools.
Anonymous Tue Mar 17 15:11:11 2009 CDT #
z says:
Good news: trade war with Mexico.
Bad news: we're going to lose to Mexico, again.
z Tue Mar 17 15:12:43 2009 CDT #
jo6pac says:
Is Friday already, Oh that's right bank failures are on Friday. I guess Mortgage companies are any day.
Hey 707tracy we sure saw a few flame out there.
jo6pac >:o
jo6pac Tue Mar 17 15:16:55 2009 CDT #
Comrade Byzantine_Ruins says:
Lucifer says:
Today, 3:56:55 PM
Look at the AIG dude in the Che T-shirt.
Given that I'm a pantheist and see Che as a modern deity like Bob Marley and Osama Bin Laden, I think it's pretty cool for him to gaze out on the ultimate downfall of western capitalism from an icon on that dude's chest.
Doesn't say much for the guy though. Note that tempting karma in that fashion resulted in an embarassing shutter snap.
Comrade Byzantine_Ruins Tue Mar 17 15:17:44 2009 CDT #
EvilHenryPaulson says:
So Luxembourg should have its weakest banking revenues in history shortly...
EvilHenryPaulson Tue Mar 17 15:18:03 2009 CDT #
ac says:
and people say we are heading for deflation. Take a look at the market....that has asset inflation written all over it.
Thanks Fed, Treasury and the continuation of the Bush presidency, from a financial policy standpoint.
Don't forget to give a shout out to Bill "pimpco" Gross for alot of this as well.
Ciao
MS
Today's end of day action appears to be reflected in oil after hours also.
ac Tue Mar 17 15:18:37 2009 CDT #
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CRbot Tue Mar 17 15:21:24 2009 CDT #
ecoshift says:
Banks out from under the jack boot.
Kudlow: Time To Buy!
http://www.youtube.com/watch?v=IJuTQGx4Qyk
ecoshift Tue Mar 17 15:22:52 2009 CDT #
Punditry says:
it pales in comparison to the over $100 billion of bailout money that went in the front door of AIG and right out the back door to its counterparties.
Fin co's generally pay out up to 50% of their top line rev's in compensation. So , gulp, $50 billion to insolvent institutions ended up in the guys pocket that's snub's his nose at you as he fly's by in his 911turbo on his way to Nobu.
Punditry Tue Mar 17 15:26:59 2009 CDT #
cd says:
AC,
What are you seeing there the spike to 49.64?
http://www.livecharts.co.uk/MarketCharts/crude.php
cd Tue Mar 17 15:27:13 2009 CDT #
Leftys Liquors and Lubricant and Tarp Bank says:
I still had their symbol up but really forgot about them. Thought they had died last year.
Leftys Liquors and Lubricant and Tarp Bank Tue Mar 17 15:29:22 2009 CDT #
Tom Stone says:
Tanta liked TMA for the same reasons I did.They had real live underwriters! They had a sane LTV! They did not pressure their Appraisers! And they were leveraged 30 to 1 which was not public knowledge.....oops.
Tom Stone Tue Mar 17 16:41:46 2009 CDT #
JimPortlandOR says:
MatlinPatterson surrendered all of its Thornburg common stock -- 120.8 million shares -- on March 12 and 16 without any compensation. ...
Wow, talk about a writeoff. They in effect told Thornburg to use the stock for toilet paper.
And, maybe to avoid any entanglement with Thornburg's bankruptcy which might involve some hanky panky in the past?
JimPortlandOR Tue Mar 17 17:28:10 2009 CDT #
RayOnTheFarm says:
Based on my quick cauculation, the stock those investors handed back had a value of 0.26% of the original investment. I'd call that impaired.
RayOnTheFarm Tue Mar 17 19:24:52 2009 CDT #
central_scrutinizer says:
Wow, the werewolf finally got it in the heart with a silver bullet. I remember this stock cratering about one year ago, and some joker on seeking alpha boasting about going long. MatlinPatterson also invested heavily in Standard Pacific.
This should result in a lot of prime jumbo MBS being dumped on the market at fire sale prices. Of course, Uncle Ben is ready and willing to "do the needful" and buy up that garbage.
central_scrutinizer Tue Mar 17 19:32:19 2009 CDT #
END