Thornburg Mortgage, Inc. (TMA), a single-family residential mortgage lender, announced on Tuesday that president and chief operating officer Larry Goldstone was promoted as chief executive officer, with immediate effect. Goldstone will, however, continue as president of the company.
Garrett Thornburg, former chairman and chief executive of Thornburg Mortgage, will remain chairman of the Board. Thornburg and Goldstone co-founded Thornburg Mortgage in 1992.
Prior to co-founding Thornburg Mortgage, Goldstone served as senior vice president and treasurer of Downey Savings and Loan, where he was responsible for cash and liquidity management, mortgage portfolio management, secondary marketing and interest rate risk management. Before that, he held many responsible positions at Great American Bank, including manager in the Treasury and Mortgage Portfolio Management Departments, as well as senior vice president.
During his tenure at Great American Bank, Goldstone was in charge of the management and trading of a $3 billion mortgage-backed securities portfolio and was instrumental in structuring over $1 billion of privately and publicly issued adjustable and variable-rate mortgage-backed securities. He has extensive experience in all aspects of mortgage finance, interest rate risk management and hedging.
Commenting on Goldstone's promotion, Thornburg said, Larry's relentless focus on quality, innovation and building a diversified financing platform was critical to the company's ability to weather the worst credit crisis in our history, which began this summer.
TMA closed Monday's regular trade at $9.61, down $0.24, on a volume of 2.49 million shares.
For comments and feedback: editorial@rttnews.com