Hey, we are losing money, so who wants to invest? LOL!
SANTA FE, N.M., Jan 09, 2008 (BUSINESS WIRE) -- Thornburg Mortgage, Inc. (NYSE: TMA: 8.78, -0.53, -5.69%), announced today that it is commencing two concurrent public offerings to raise approximately $200 million in additional long-term capital.

Frist psot!

it never stops amazing me at just how many investors are "trapped" in their asset backed investments. why anyone in their right mind would ever trust any of these funds ever again would be astounding. the number one rule in investments is liquidity defined as being able to get in and out quickly on a fairly tight spread.

i guess i have to throw in the Fla LGIP into that category as well.

Hello, anybody home?

Bear Stearns is selling $500 million. "Wonderful, just wonderful" think the other inv banks..."more price discovery...way to go Bear Stearns". LOL

P.S. "unspecified period of time"... ya, like 15 years...

Clip from Roubini's blog.

ABX.HE index roll is being postponed for three months. The cover story is that there aren't sufficient RMBS deals in H2 2007 to construct an appropriately representative index. The back story is that by delaying the roll the industry effectively pre-empts the margin calls (registration required) that would inevitably result from a reset of the index to current market levels for all the derivatives that are based on the ABX HE.

This looks like a variation on the "don't ask, don't sell" collusion/manipulation. This ploy is aimed at hiding the mammoth losses that would come from marking ABX derivatives to market with a new ABX roll. It has two effects: (1) delays having to mark down positions valued using the old ABX, and (2) delays the defaults and dislocations that would likely result from the margin calls triggered by the roll. If the index doesn't roll, then the derivative resets that are contractually cued to the roll don't kick in and raise margin calls.

Nice, neat little manipulation. But it just adds another shroud of ill-transparency to an already warped and murky market

Structured Credit Investor

I would agree that on a % basis, these amounts are not huge. Further, if you have several M to spread around to increase returns, risk does has its' rewards. Still implosions of this magnitude, across multiple players, in such a short period of time sends a chill.
The beauty of syndication and funding is that many players feel the heat but nobody (usually) gets burned.

My fear is that all the paper used by the Banks to get/borrow cash using CP may well be worthless and just perhaps at some point the FEDs will have to swallow billions of paper losses. Losses which will have to be covered by Joe Six Pack as he looks for a job in a down cycle.

Next posting is my adventure:

Oh what the hell, everybody else is doing it: First?

barely..okay point taken! But on margin only.

rich: I typically wash my own car good therapy on a Sat am so no value here but 60% of MSRP...I am very happy.

FDIC prepares for the future by contracting new work instead of rehiring Federal employees who were riffed in 2005 (may with 15-19 years of service.)
First Financial Network, Inc. Awarded Internet Marketing Services Contract by FDIC
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barely,

When you are having a great day in 08, sell something high with the idea of buying it back cheaper in a little while. i think it's going to be a pattern this year. i did that today with sRS and it worked out.

After further review, I think there's another story in Ruby Tuesday. Their major asset is a over 300 company-owned stores for which they own both land and buildings. Probably in a good market, each store was worth $2 million or more, and that was enough collateral for the bankers who gave the company a $300 million+ revolving credit line.

But what are those stores worth in a sinking economy with vast retail/restaurant overcapacity?

Normally, the bankers could count on selling a chunk of stores to another restaurant operator, if necessary to keep the company afloat and make the loan good. But who would want to buy 50 or so Ruby Tuesday locations now, or after the recession really gets going? What else are they good for?

Some of the same problems we talk about in residential are going to hit CRE. Falling collateral, high leverage, no buyers, reposessions, and then what?

P.S. The company spent $180 million in cold cash (borrowed money) buying back its own shares last year at $27 per share. Now, it's pushing $6. HBow many small-cap u.S. companies were just as greedy and short-sighted?

I was out looking at cars this evening - my 11 year old Trooper is now having issues. Stunning experience. I know it is a Wednesday evening; but, gosh geez all the dealerships were dead. I mean nobody. I mean nobody. Nobody. Five dealerships lots of staff and nobody.

My car story - I just bought a used truck to haul firewood & go fishing. Very large 4X4 Dodge Ram circa 1999-2000... biggest damn thing I've ever bought, one of those big V8s that sucks gas just sittin' in the driveway. My sister needed help climbing up into it... hilarious sight to see.

Very good deal - bought if from a friend who is a sales manager at a local shop and knows how crazy I am... it belonged to another friend who traded it in for a newer BF truck - shit he barely drove the thing... eight years old and only 70 some thousand miles. So clean and well maintained inside it looked new (not anymore!!!)... why do people buy trucks and not use them as trucks?

I've hit two deer this fall and needed a big vehicle... well I hit one and my son hit the other. He totaled an old jeep I had used as my beater go-it-the-woods-and-haul-stuff-out car. It had 280K on it and was near death anyway.

But when I went shopping ON A SATURDAY the dealership was also empty - completely empty. And they gave me a better deal than any of the local 'private parties' had offered me on similar vehicles. I did a 100 mile radius search on 'carsoup.com' too, not just my little old town so I knew what was out there... Meaning those folks were upside down and not willing or able to admit it & come down. My buddy threw out a number and we shook on it then and there - about $2k to $3K lower than any of the private parties were willing to take for a similar vehicle (realize I wanted a well maintained BIG truck for less than $10K - got it too, taxes and such a little more). The dealership needed to move product and used trucks are a drug on the market - lousy construction market and $3/gal gas.

Oh man am I gonna beat up on this thing.

*PS my everyday vehicle is a 50 mpg diesel Jetta... great mileage but doesn't hold much firewood.