Thornburg Mortgage, after months of posturing, has really, truly, finally opted for bankruptcy protection.
According to Chapter 11 documents filed in Baltimore, the company had assets of as much as $500m and debt of more than $1bn.
Separately, Reuters is reporting that Accredited Home Lenders, which in the heyday of the US housing boom was a major player in the subprime market, is also filing for bankruptcy protection. Private equity group Lone Star bought Accredited for $296m in 2007.
Related links:
The mortgage lender implode-o-meter
Crown of Thornburgs – FT Alphaville
Accredited and Impac see bleak lending future – FT (September 2007)