Unless this a decidedly poor April Fool’s joke, Thornburg Mortgage has finally thrown in the towel.
The jumbo-mortgage lender said on Tuesday it would sell all remaining assets and cease operations, as well as file for Chapter 11 bankruptcy protection.
“Our dissolution was created by one issue, the inability to support the equity (margin) requirements for financing our mortgage securities portfolio, given the continued decline in mortgage-backed securities prices,” Chief Executive Larry Goldstone said in a statement.
RIP, TMA.
Related links:
Thornburg Mortgage may file for bankruptcy – FT Alphaville
Crown of Thornburgs – FT Alphaville
Thornburg repos what it sowed – FT Alphaville
Why Thornburg Mortgage will survive – Seeking Alpha