Thornburg Mortgage Announces Promotions

    Business Editors

    SANTA FE, N.M.--(BUSINESS WIRE)--Feb. 9, 2005--Thornburg Mortgage Inc. (NYSE: TMA) recently promoted six employees. They are: new Senior Executive Vice Presidents Joseph Badal and Richard Story; Executive Vice Presidents Ron Chicaferro and Maxine Swisa; and Vice Presidents Allison Machi and Sandra Stocker. The announcement was made by Garrett Thornburg and Larry Goldstone, the company's chairman and CEO, and president and COO, respectively.
    Thornburg and Goldstone commented, "It is a pleasure to recognize these six individuals who, through their skill and commitment, have been instrumental in Thornburg Mortgage's growth. Through these promotions we wish to acknowledge the contributions these employees have made in their respective departments for Thornburg Mortgage's success, and their leadership roles as Thornburg Mortgage continues to grow."

    Senior Executive Vice Presidents

    Joseph Badal, 60, joined Thornburg Mortgage Inc. as executive vice president in December 2001. Badal is the company's chief lending officer and has overall responsibility for the company's mortgage lending activities. He has been a director of the company since it commenced operations in June 1993. Badal is also CEO of Thornburg Mortgage's lending subsidiary, Thornburg Mortgage Home Loans Inc.
    From 1994 through 2001, Badal was senior vice president of Charter Mortgage Co., headquartered in Albuquerque, N.M. From 1980 through 1994, he was president of Merit Southwest Development Company Inc., a consulting and real estate development firm also in Albuquerque. Badal has served in the New Mexico House of Representatives and is a former chairman of the New Mexico Mortgage Finance Authority. He is a graduate of Temple University, B.S., and the University of New Mexico, MBA.
    Richard Story, 52, has been the company's chief financial officer since the company's inception. He was promoted to executive vice president and made a board member in October of 2001.
    From April 1992 until April 1993, he was the controller of Sharp HealthCare, a health care company in San Diego. Prior to that, he was the controller at Great American Bank, a federal savings bank in San Diego. Story is a graduate of the University of Richmond.

    Executive Vice Presidents

    Ron Chicaferro, 57, joined Thornburg Mortgage as a vice president in September 1998 and is responsible for the development of the mortgage lending business' correspondent and retail origination channels. Chicaferro is also president of Thornburg Mortgage's lending subsidiary, Thornburg Mortgage Home Loans Inc.
    Chicaferro started in the mortgage business with Crocker National Bank in California, where he ran their secondary marketing department for consumer loans. He has also worked for Citicorp Investment Bank, where he was responsible for their whole loan and mortgage swap business for the western United States. Prior to that he worked for Prudential Home Mortgage, where he was responsible for their product development area. He also worked for Commerce Security Bank in California as head of their wholesale and correspondent departments. In addition to his duties at Thornburg Mortgage, Chicaferro serves as a director of two financial services companies. He is a graduate of California State College.
    Maxine Swisa, 48, joined Thornburg Mortgage in February 2000 as the vice president of information technology. She oversees all technology needs for the company including the company's online mortgage lending program. She also oversees all Internet-related marketing initiatives. Her current focus is on enhancing the company's Internet strategy by using Web services technology to facilitate the integration and transfer of information among Thornburg Mortgage's vendors.
    Prior to joining Thornburg Mortgage, Swisa was the director of information technology at BGK Equities, a privately controlled real estate investment trust where she designed and implemented a custom investment and property management system. She is a graduate of Wesleyan University in Middletown, Conn.

    Vice Presidents

    Allison Machi, 36, joined Thornburg Mortgage in January 2000. She is responsible for marketing loan programs to correspondent lenders in the southeastern region of the United States.
    Prior to joining Thornburg Mortgage, Machi was the bulk transaction manager at Summit Bank. Previously, she was a vice president of consulting services with Hanover Capital Partners, Ltd. Machi also worked at United Jersey Bank, Independence One Mortgage Corp. and TransOhio Savings Bank. Machi brings a total of 15 years of mortgage banking experience to her work.
    Sandy Stocker, 51, joined Thornburg Mortgage in June 2002. She is responsible for marketing loan programs to correspondent lenders in the western region of the United States.
    Prior to joining Thornburg Mortgage, Stocker worked in Hong Kong with the Hong Kong Mortgage Corp. as vice president of guarantee business, and was previously with PMI Mortgage Insurance as national accounts director. Prior to that, she spent 13 years with Fannie Mae in a variety of capacities where she successfully managed relationships with major West Coast lenders, representing more than one-third of the total business for Fannie Mae's western regional office. Stocker brings a total of 27 years of mortgage banking experience to Thornburg 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 $29.2 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.
    Thornburg Investment Management, a separate investment management company founded in 1982, advises a series of eight laddered-maturity bond mutual funds, four equity mutual funds and separately managed equity and fixed income portfolios for institutional and high net worth clients and sub-advisory services.
    Both companies share three core attributes: high-quality operations, innovative strategies for achieving their goals, as well as a disciplined approach to managing and controlling risk.

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CONTACT: Thornburg Mortgage Inc., Santa Fe Leanne L. Gallagher, 505-954-5302 investorrelations@thornburg.com David M. Miller, 505-954-5342 dmiller@thornburg.com

KEYWORD: NEW MEXICO INDUSTRY KEYWORD: REAL ESTATE BUILDING/CONSTRUCTION BANKING MANAGEMENT CHANGES SOURCE: Thornburg Mortgage Inc.

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