Thornburg Mortgage Inc., the home lender that sold $20.5 billion of mortgage bonds at a loss last month to ease a cash shortage, now plans $3 billion to $4 billion of purchases to take advantage of low prices.

The AAA-rated securities could yield 1.25 to 2.25 percentage points over Thornburg’s cost of funds, President Larry Goldstone said in an interview. That compares with an average of 0.5 points for securities now in the Santa Fe, New Mexico-based company’s portfolio. The purchases will occur “over the next month or two,” presuming mortgage markets begin to stabilize, he said.

Surging defaults on U.S. mortgages spurred banks and Wall Street firms to cut off credit for home lenders and drove investors away from commercial-paper markets where Thornburg raises money. Goldstone said $546 million of fresh capital from a preferred-stock sale last week will help the company pounce on opportunities that cash-starved rivals can’t afford.

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