thevicenarian.com

Biting the Dust in Santa Fe

Posted by T.W. Hanson - Mar 5th, 2008 at 20:03

In the latest chapter of the current credit crisis, Thornburg Mortgage received a notice of default from JP Morgan.

Thornburg Mortgage is a Santa Fe based mortgage lending institution that invests in a portfolio of highly-rated adjustable-rate mortgage securities and loans. The company specialized in “jumbo” mortgages, large mortgages used to finance the purchase of large homes. Thornburg especially suffered from federally sponsored entities like Fannie Mae being prohibited from purchasing these jumbo loans.

This means that we have another casualty of the current economic environment and that people are defaulting on large mortgages.

If this trend continues, vicenarians may be able to accumulate mansions on the cheap.