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August 18, 2018
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Grand jury investigating Thornburg Mortage execs (Podcast)
(2010-04-16)
(KSFR) -
-- The story of the rise and fall of Thornburg Mortgage continues to unfold.

The Santa Fe-based company was at one time the largest publicly traded company in New Mexico. They made high-end home loans to people who could afford to pay them back. But Thornburg ran into problems when the economy began to sink. Unlike a conventional bank or a savings bank, Thornburg had no depositor funds to back the loans. It depended on financial markets for the money to front new mortgages. When that source dried up, so did Thornburg Mortgage.

But what if they had been a regular bank? They might still be in operation. In fact, CEO Larry Goldstone told KSFR just days before they went into bankruptcy that they were exploring becoming a bank as a way of getting the funds to make loans.

But with Thornburg now in bankruptcy, Larry Goldstone and several other executives face a number of accusations. Mark Oswold is editor of the Journal Santa Fe and has been following the story. He describes the latest development.

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