The Market’s Response to it’s Need For Cash
Thornburg Sells $500 Million of Preferred Shares (Update1) (Bloomberg.com)
Aug. 30 (Bloomberg) — This is what the wealthy do when you are the one in trouble! Wouldn’t it be great if you had the same options when you are in need of cash…..
Thornburg Mortgage Inc., the jumbo- mortgage specialist that was forced to stop making new loans, sold $500 million of convertible preferred stock to help alleviate a shortage of cash.
IndyMac to shift focus to prime loans (Los Angeles Times)
Amid industry woes, it will shift its focus to prime loans and expand in the retail market. IndyMac Bancorp Inc., one of the country’s 10 largest mortgage lenders, outlined Tuesday a drastic strategic transformation in response to radical changes in the industry and said its loan volume would drop considerably as a result.
Subprime inflicts new damage, banks seek cash (Reuters via Yahoo! News)
New evidence of damage wrought by the U.S. mortgage sector surfaced in the United States and Europe on Wednesday while banks demanded a record amount of cash at a euro zone money market auction.
Timely fill-in: SBA-backed loans provide capital amid credit crunch (Los Angeles Times)
Dr. David Westerberg had the chance to buy into a cosmetic dentistry practice in Palm Desert but found that the credit crunch had chipped away his ability to find money through conventional small-business loans or by tapping his home equity.