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Thursday, March 6, 2008

Thornburg (TMA) gets margin call

They missed a payment to JP Morgan, who called them on default of a $320 mil loan. The stock is cut in half again. TMA's portfolio is mostly jumbo mortgages. Last week they said they'd have to sell parts of the portfolio to cover margin calls. As there's limited liquidity in mortgages, clearly they weren't able to do much. The stock... and the mortgage market... is in a death spiral.

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