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Thursday, April 02, 2009

Bankrupptcy Filing Takes Thornburg Mortgage from $266.70 to Zero; 1993-2009 THMR Price Graph

Thornburg Mortgage Inc. (, a Santa Fe, New Mexico-based mortgage lender, announced that it will seek Chapter 11 bankruptcy protection. Thornburg specialized in making jumbo loans (mortgages larger than $417,000) to borrowers with good credit.

This chart of Thornburg's stock price between 1993-2009 shows it peaked at $266.70 in mid 2007.

Click Thornburg price chart to see full sized image

Bloomberg reported:
In a November regulatory filing, Thornburg said it lost $2.75 billion, or $85.71 per share, in the first nine months of 2008. It ended September with $25.4 billion of adjustable-rate mortgage assets on its balance sheet.
Yahoo! currently shows 47.53 million shares outstanding so if no new shares were issued during the decline, then the peak market cap was $12.7 billion!

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