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56Chevy

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56Chevy

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Friday, 01/02/2009 12:01:23 PM

Friday, January 02, 2009 12:01:23 PM

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Hi board...new guy here.

Flagstar Bank (FBC) has preliminary approval for TARP money since Matlin-Patterson (MP) stepped in with $250M. MP also has a huge stake ($1.3B) in troubled res jumbo loan lender Thornburg Mortgage (THMR).

The hub-bub hope is MP will merge FBC & THMR essentially pulling both of these co's fat out of the fire. Should this happen THMR will start making new/refi loans again.

This could be excellent news for investors in each. We'll find out in the next 90 days. My hunch is it [news] will be much sooner than that. THMR only has until March to keep the wolves at bay...however recent developements look promising.
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