Thornburg Mortgage gets default notice after unmet margin call

By Caroline Salls

Pittsburgh, March 12 - Thornburg Mortgage, Inc. received a notice of default on a Morgan Stanley & Co. Inc. master repurchase agreement for failure to meet a $9 million margin call, according to an 8-K filed with the Securities and Exchange Commission.

Morgan Stanley said in the notice that it will exercise its rights under the agreement.

A total of $49 million in proceeds were lent to Thornburg under the master repurchase agreement.

Thornburg is a Santa Fe, N.M.-based mortgage lender specializing in jumbo mortgages.

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