Santa Fe, N.M.-based Thornburg Mortgage Asset Corp., one of the market's oldest and largest real estate investment trusts, is preparing to launch the second of two unique mortgage-backed securities swap deals this month backed by hybrid adjustable-rate mortgage loans securitized and packaged by underwriters Donaldson, Lufkin & Jenrette.

The private placement transaction, slated to hit the market in late July, is for $103 million and will be backed by a pool of seasoned six- and seven-year-old ARM collateral, said Deborah Burns, Thornburg's vice president of securitization.

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