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Thornburg
Mortgage, Inc.
Published
reports in Reuters are stating that Thornburg Mortgage, Inc.,
a Santa Fe, New Mexico based lender, is facing millions of dollars in
margin calls that it may not be able to
pay or post collateral for. Therefore, the
company may be forced out of
business.
As a
result of these disclosures, Old Republic operations or agents
should not close loans involving
Thornburg Mortgage, Inc., unless they currently have good
funds in their escrow account for the
loan. For purposes of this ALERT!, the term "good funds" should be construed
to mean that the funds for the loan have
actually been received by the bank and have been
credited to the appropriate escrow
account.
This
ALERT! is being issued
for the sole purpose of meeting the Company's
predetermined underwriting criteria and should in no way
be construed as slanderous or defamatory material
against any of the parties named
herein. |
