Thornburg Mortgage cuts 29 sales and support positions in home lending division

By Caroline Salls

Pittsburgh, Sept. 30 - Thornburg Mortgage, Inc. has reduced its staff by 29 sales and support positions in its home lending division in response to the continued unprecedented turmoil in the mortgage financing and credit markets that has shaken the industry for more than a year, according to a company news release.

"This was a difficult but necessary decision we were forced to make as we adjust our operations to navigate through this environment," Thornburg president and chief executive officer Larry Goldstone said in the release.

"With a finance and credit market that has seen major financial institutions collapsing over the last few weeks, Thornburg Mortgage has had to meet a series of difficult challenges that few could have predicted.

"Our focus now is to ensure the company's long-term survival so we can remain the lender of choice among borrowers with superior credit histories."

Of the 29 positions eliminated, Thornburg said about half were located in Santa Fe, N.M., and the other half were located throughout the country.

Thornburg Mortgage now employs 156 professionals in its Santa Fe-based operations, according to the release.

Thornburg is a Santa Fe-based lender specializing in jumbo mortgages.

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