4/21/2008

Thornburg Mortgage Inc. revealed in an SEC filing last week that one of its units defaulted on $300 million of short-term notes. Liquidation of the AAA-rated securities used to collateralize the notes is under way. The unit, Thornburg Mortgage Capital Resources, will be held liable if the liquidation does not provide sufficient funds to pay off the note holders.

Full Story:
CNNMoney

Related Summaries