Wholesale Industry Veteran Joins Thornburg Mortgage as National Broker Sales Executive

Business Wire, Oct 26, 2005

SANTA FE, N.M. -- Thornburg Mortgage Inc. (NYSE: TMA) announced today that Joseph Stanganelli has been named national broker sales executive for the company's recently developed broker origination channel.

In this newly created role, Stanganelli will head the national expansion effort of Thornburg Mortgage's broker sales network. His primary responsibility will be the development of Thornburg Mortgage's broker sales channel, including hiring and managing experienced personnel in key markets, assisting sales personnel in establishing relationships with quality brokers, assisting in the expansion of the company's operations department, and ensuring the acquisition of high-quality assets.

"We believe our expansion into broker originations has significant growth implications for the company," said Thornburg Mortgage Senior Executive Vice President Joseph Badal, "and we are thrilled to announce the addition of Joseph Stanganelli to the Thornburg Mortgage team. His extensive experience and senior level contacts throughout the mortgage banking world will allow us to maximize our potential for origination growth through our developing broker channel."

Stanganelli joins Thornburg Mortgage from Bank of America, where he held three senior vice president positions in the National Wholesale Affinity Group, Northeast Wholesale Division, and Eastern Wholesale Division, respectively. Stanganelli's experience spans more than 24 years in the mortgage industry, including sales and operations, managing national accounts, and origination growth. He has previously worked for a number of notable companies such as Fleet Mortgage and Plaza Home Mortgage.

Thornburg Mortgage is a leading single-family residential mortgage lender focused principally on the jumbo segment of the adjustable rate mortgage market. Backed by a balance sheet of $39.6 billion in high-quality assets, the company seeks to deliver attractive dividend income and steady growth for its shareholders by acquiring high-quality mortgage-backed securities and growing its share of the mortgage loan origination business. Capitalizing on its innovative portfolio lending model, REIT tax structure and leading-edge technology, Thornburg Mortgage is a highly efficient provider of specialized mortgage loan products for borrowers nationwide with excellent credit, and is positioned to become one of the top 50 mortgage lenders in the country. We invite you to visit the company's Web site at www.thornburgmortgage.com.

Certain matters discussed in this news release may constitute forward-looking statements within the meaning of the federal securities laws. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including general economic conditions, interest rates, the availability of ARM securities and loans for acquisition and other risk factors outlined in the company's SEC reports, including its annual report on Form 10-K.