Wednesday, April 01, 2009

Thornburg Mortgage to file BK

by Bill McBride on 4/01/2009 11:50:00 AM

From Bloomberg: Thornburg Mortgage to File for Bankruptcy, Liquidate

Thornburg Mortgage Inc., the “jumbo” residential loan specialist battling a slump in home sales and the collapse of mortgage markets, plans to file for bankruptcy protection and shut down.
...
Thornburg specialized in mortgages of more than $417,000, typically used to buy more expensive homes.
Thornburg specialized in prime Jumbos.

It was an early report of Thornburg's problems that prompted Tanta to famously exclaim: "We're all subprime now!"