Anatomy of a Meltdown - Mortgage Forums for Mortgage Brokers

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		Mortgage Forums for Mortgage Brokers > Mortgage Business > Mortgage News
Anatomy of a Meltdown

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05-16-2008, 03:26 PM

Veronica Corningstone Veronica Corningstone is offline

Corner Window Office

Join Date: Jan 2006

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Anatomy of a Meltdown

Thornburg Mortgage Inc.'s problems began in August 2007, according to a filings with Securities and Exchange Commission. That was when the secondary market for adjustable-rate mortgage-backed securities and mortgage loans came near to a total collapse. Thornburg briefly halted new business in August and suspended its dividend. By March 6, 2008, unpaid margin calls added up to $610 million, significantly exceeding available liquidity, despite having satisfied $1.2 billion in calls since December.

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