We could spend our time researching Thornburg’s business decisions as it’s now facing what appears to be a pending bankruptcy — but we don’t have to, because Sam Jones at the FT Alphaville blog already did. Anyone running a mortgage company needs to read his post. And talk about heading out of the frying pan and into the fryer: Thornburg, in an effort to reduce its reliance on repo funding, pushed its way into CDOs and commercial paper as alternate funding sources. Jones’ take?

Aggressive growth trajectory too heavily dependent on the vagaries of modern finance. Sound familiar to anyone in the north-east?