Thornburg Mortgage Reduces Sales and Support Staff

Thornburg Mortgage, Inc. (NYSE: TMA), announced that the company 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.

"This was a difficult but necessary decision we were forced to make as we adjust our operations to navigate through this environment,” said Thornburg Mortgage President and Chief Executive Officer Larry Goldstone. "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.”

"Today’s announcement is in no way a reflection on the ability of these individuals; rather, it is a sign of just how prolonged and extensive the mortgage crisis has become,” Mr. Goldstone added. "In fact, Thornburg Mortgage employees are recognized industry-wide for their talent and passion for bringing the very best to the job. 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, approximately half were located in Santa Fe, the other half were located throughout the country. Thornburg Mortgage now employs approximately 156 professionals in its Santa Fe-based operations.

Thornburg Mortgage is a leading single-family residential mortgage lender focused principally on prime and super-prime borrowers seeking jumbo and super-jumbo adjustable-rate mortgages.