Carol Sugarman joins Thornburg Mortgage.

SANTA FE, N.M.--(BUSINESS WIRE)--Nov. 6, 1996--Carol Sugarman has joined Thornburg Mortgage Asset Corp. (NYSE:TMA) as a vice president in charge of the company's new mortgage loan origination program.

Making the announcement was H. Garrett Thornburg, Jr., chairman of the company.

Prior to relocating in New Mexico, Sugarman was a consultant to Charles Schwab & Co. responsible for new product development. She was associated with Salomon Brothers Inc. specializing in mortgage products for financial institutions. Later, Sugarman was a vice president of The First Boston Corp. where she developed and implemented marketing efforts for the west coast corporations.

"Carol Sugarman's selection to implement our mortgage loan origination program is indicative of the emphasis we are placing on increasing TMA's asset base and profitability," said Mr. Thornburg. "Her experience in financial management and strong commitment to quality service will be especially valuable to us in serving loan originators across the country," he added.

Sugarman is a graduate of both Cornell University (B.S.) and the University of California at Berkeley (M.B.A.).

Thornburg Mortgage Asset Corp. is a special purpose mortgage finance company that invests in a portfolio of high quality adjustable-rate mortgage securities. The company generates income from both its direct investment in ARM securities and the difference between the yield on its assets and cost of its borrowings.

The company's objective is to grow earnings per share by increasing its investment in high quality assets. It accomplishes this by periodically issuing new shares and deploying the new equity consistent with its business strategy. As real estate investment trust (REIT), TMA distributes the majority of its income to shareholders in the form of dividends.

CONTACT: Thornburg Mortgage Asset Corp., Santa Fe

Larry Goldstone or Rick Story, 505/989-1900