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 prime Jumbos.
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Thornburg specialized in mortgages of more than $417,000, typically used to buy more expensive homes.
It was an early report of Thornburg's problems that prompted Tanta to famously exclaim: "We're all subprime now!"