Thornburg Mortgage Inc.’s five largest creditors have agreed to give the "super jumbo" lender a one-year reprieve from margin calls if it can raise nearly $1 billion in seven business days.
Thornburg is offering 12 percent interest to anybody willing to buy notes that will mature on April 1, 2015. The notes would be convertible into common stock at 75 percents per share, the lender said in a regulatory filing. more…
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Citing deteriorating performance of home-equity loans, Fitch Ratings has lowered the debt ratings of some big name banks including Washington Mutual, Wells Fargo, National City, Providian Financial and First Horizon, while warning it may take similar action toward Bank of America, Citigroup, Fifth Third Bancorp and SunTrust.
Home-equity delinquency rates are rising at "a far more rapid pace than even most bankers’ and analysts’ grim outlook for 2008 had anticipated," Fitch analysts said. more…
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