Another $13 Billion in Losses
Mortgage-related losses announced during the past two days topped $13 billion. Meanwhile, a government-sponsored enterprise has a new chief and a real estate investment trust is urging shareholders to authorize a dilution of their shares.

The Federal Home Loan Bank of Chicago, which had an $0.1 billion first quarter loss and last month halted its secondary mortgage purchases, announced that Matthew R. Feldman was named president and chief executive officer.

Feldman became acting president of the GSE on April 11.
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Mergers Progress as Industry Struggles with Liquidity
The financial sector continued to scramble in an effort to shore up capital, with two public offerings raising more than $7 billion and two major mortgage lenders facing mounting pressure to complete a number of transactions. In other corporate activity, one real estate investment trust saw earnings soar while another was delisted from the New York Stock Exchange.

The Corporate Ledger
As a California company backed by Wells Fargo Home Mortgage launches, another company plans to use proceeds from an upcoming initial public offering to purchase mortgage securities. Meanwhile, regulators are busy with two other mortgage-related companies -- including a real estate investment trust.

Companies Manage Losses, Capital
Merrill Lynch's quarterly losses improved nearly $8 billion over the fourth quarter, National City Corp. has raised $7 billion, and a default at a subsidiary of Thornburg Mortgage Inc. won't leave the parent company liable. Meanwhile, a federal regulator warned banks to acknowledge and deal with losses sooner than later.

Mergers On Despite Losses
Despite billions of dollars in global losses related to U.S. mortgages, a number of mergers are proceeding. Meanwhile, as market liquidity eased slightly, a de-REIT-ization was announced.

Subprime Financing for Jumbo Lender
Thornburg Mortgage Inc. is offering notes to come up with capital that will keep it in business. But the cost of the funds is far from prime.

Lender Halts Biz as 2 More Teeter
Two real estate investment trusts are struggling to survive, while a construction lender advised mortgage brokers that it ran out of money to lend. The acquisition of a New Jersey bank was canceled -- though another suitor has emerged, and investors of an East Coast mortgage operation project a bright future.

Some Relief for Battered Lenders
While earnings of financial services companies continue to be pounded by a difficult market, Thornburg Mortgage Inc. got a reprieve from creditors while two acquisitions moved further through the mergers and acquisitions pipeline.

Mortgage Market on Roller Coaster
Panic market conditions have been soothed by the Federal Reserve's plan to provide liquidity to the mortgage securities market. The move by the Fed helped prop up shares of Thornburg Mortgage Inc.

Thornburg Facing Collapse
Thornburg Mortgage Inc., which today said it will restate financial results for last year, has indicated it may not be able to continue in business.