The court-appointed trustee overseeing the liquidation of Thornburg Mortgage Inc., once the nation's second largest independent mortgage company, is suing some of Wall Street's biggest banks including J. P. Morgan Chase & Co., Citigro9up Inc., and Goldman Sachs Group Inc., for $2.2 billion, alleging they engaged in a series of "collusive" and "predatory" schemes that eventually drove Thornburg into bankruptcy, according to an article today in The Wall Street Journal by Patrick Fitzgerald.
The trustee, Joel I. Sher, filed four suits last week in U. S. Bankruptcy Court in Baltimore against those financial concerns and also Bank of America Corp. and Countrywide Home Loans, Barclays PLC, Credit Suisse Group, Royal Bank of Scotland Group PLC and UBS AG., the article said.
Thornburg was based in Santa Fe and filed for Chapter 11 bankruptcy protection in May 2009, listing assets of $24.4 billion and debts of $24.7 billion, the article said, adding that "the bulk of those assets, some $19.7 billion, were held in securitization trusts."
The trustee, Joel I. Sher, filed four suits last week in U. S. Bankruptcy Court in Baltimore against those financial concerns and also Bank of America Corp. and Countrywide Home Loans, Barclays PLC, Credit Suisse Group, Royal Bank of Scotland Group PLC and UBS AG., the article said.
Thornburg was based in Santa Fe and filed for Chapter 11 bankruptcy protection in May 2009, listing assets of $24.4 billion and debts of $24.7 billion, the article said, adding that "the bulk of those assets, some $19.7 billion, were held in securitization trusts."
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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