By Jonathan Stempel 1 hour, 36 minutes ago NEW YORK (Reuters) - Thornburg Mortgage Inc (TMA.N), a specialist in jumbo home loans, said its survival remained in doubt following additional margin calls, but it is on track to complete a restructuring and avoid collapse.Chief Executive Larry Goldstone said on Tuesday that the Santa Fe, New Mexico-based company expects to complete an exchange offer next week for some preferred stock that will ensure its survival.
Thornburg specializes in mortgages above $417,000, which often go to buyers of larger homes who have good credit. The company's business model proved vulnerable as investors stopped buying the kinds of loans it makes. Thornburg ended June with $27.2 billion of adjustable-rate mortgage assets on its books.
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