(Source: ABC News / AP)
Thornburg Mortgage Incorporated Friday filed a petition for Chapter 11 bankruptcy protection in a Maryland court.
The Santa Fe-based jumbo mortgage lender had been hit hard since mid-2007 by the mortgage and credit market crisis.
The company announced its plans a month ago to file for bankruptcy protection, liquidate assets and to go out of business.
The company laid off 130 employees in April. Before the economic downturn, it had employed up to 180 people.
Read the full article “Thornburg Mortgage files Chapter 11 protection” in ABC News (May 2, 2009).