Rational

Thornburg Needs To Raise $610 Million - Fast

The sad thing is that daily operations are profitable, they have rapidly growing origination volume in spite of an industry-wide slowdown, and their new loans can be packaged for CMO financing without a problem. All of the Alt-A losses are only on paper and totally unrealized... .47% delinquency rate. You'd think someone would loan them $1B or more at, say, 15% via commercial paper for 3 years non-callable. With margin calls out of the way, limited risk but high return.