Why did the industry fall on such hard times?
The mortgage industry is facing some of its most difficult years in the history of the industry. Residential real estate values have declined significantly throughout the United States and defaults and foreclosures are reaching historic highs. Due to fears in the marketplace and demands of lenders, Thornburg Mortgage – and much of the mortgage industry – was faced with and continues to face sudden and severe liquidity problems stemming from large volumes of margin calls on mortgage-backed securities from our lenders.
