Corporate Profile for Thornburg Mortgage Asset Corp., dated Nov. 8, 1996.--(BUSINESS WIRE)--The following Corporate Profile is available for inclusion in your files. News releases for this client are distributed by Business Wire and also become part of the leading databases and information services See Information Systems. . These include Dow Jones Dow Jones the best known of several U.S. indexes of movements in price on Wall Street. [Am. Hist.: Payton, 202] See : Finance News/Retrieval, Bloomberg Financial Markets, Reuter Company Newsyear, Reuter Business Briefing, DataTimes, Nexis, Dialog, NewsNet, America OnLine See AOL. , CompuServe, Delphi, Individual's HeadsUp and First!, Desktop Data's NewsEdge, UMI UMI University Microfilms International UMI United States Minor Outlying Islands (ISO Country code) UMI University of Miami UMI Universal Management Infrastructure (IBM) Data Courier, NewsBank, Information Access Company, Prodigy, Comtex, and many others. -0-
Published Date: Nov. 8, 1996
Company Name: Thornburg Mortgage Asset Corp.
Address: 119 E. Marcy St.
Santa Fe, NM 87501
Main Telephone
Number: 505/989-1900
Chief Executive
Officer: H. Garrett Thornburg, Jr.
President: Larry A. Goldstone
Investor Relations
Contact: The Levine Group Inc. -- Harold M. Levine
Business number: 212/682-8875
Public Relations
Contact: Mount & Nadler Inc. -- Hedda Nadler-Hurvich
Business number: 212/759-4440
URL Address: TMAC@Thornburg.com
Trading Symbol: NYSE:TMA
Industry: Mortgage Finance/Real Estate Investment Trust
-0- Company description: Thornburg Mortgage Asset Corp. is a special purpose financial institution that primarily invests in adjustable-rate mortgage Adjustable-rate mortgage (ARM) A mortgage that features predetermined adjustments of the loan interest rate at regular intervals based on an established index. The interest rate is adjusted at each interval to a rate equivalent to the index value plus a predetermined spread, or securities, thereby indirectly providing capital to the single-family residential housing market. ARM securities represent interests in pools of adjustable-rate mortgage loans, which often include guarantees or other credit enhancements Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing against losses from loan defaults. While the company is not a bank or savings and loan savings and loan n. a banking and lending institution, chartered either by a state or the Federal government. Savings and loans only make loans secured by real property from deposits, upon which they pay interest slightly higher than that paid by most banks. , its business purpose, strategy, method of operation and risk profile are best understood in comparison to such institutions. The company leverages its equity capital using borrowed funds, invests in ARM securities and seeks to generate income based on the difference between the yield on its ARM securities portfolio and the cost of its borrowings. The corporate structure of the company differs from most lending institutions in that the company is organized for tax purposes as a real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) and, therefore, generally passes through substantially all of its earnings to shareholders without paying federal income tax at the corporate level. CONTACT: Thornburg Mortgage Asset Corp. |
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