High end lender files Chapter 11 Bankruptcy
2009/04/02, 6:54 pm
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Thornburg Mortgage, which specialized in loaning jumbo mortgages to buyers of expensive homes, announced bankruptcy Wednesday.

The company said it will file for Chapter 11 protection and go out of business. It reported a net income loss of $2.75 billion in the nine months that ended last Sept. 30, according to its quarterly Securities and Exchange Commission filing.

The Santa Fe-based lender has been hard hit by both the mortgage and the credit crisis.

Source: The Associated Press (04/01/2009)


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