Thornburg Mortgage plans to file for bankruptcy protection
Thornburg Mortgage has announced that it plans to file for Chapter 11 bankruptcy protection and also intends to commence an orderly sale or liquidation of its assets.
Thornburg Mortgage Inc, a specialist in jumbo home loans that nearly went bankrupt in March, posted a $3.31 billion first-quarter loss on Thursday as the value of mortgages and other securities it owns plummeted.