Thornburg Seeks To Sell $11B Portfolio

On Wednesday in Baltimore, the bankruptcy trustee overseeing the liquidation of Thornburg Mortgage Inc. will ask Judge Duncan W. Keir to sign off on the sale of the lender’s $11 billion mortgage-servicing portfolio. Select Portfolio Servicing Inc., a Salt Lake City mortgage-servicing business owned by Credit Suisse Group (CS), won the auction for Thornburg’s portfolio with a winning bid of about $95 million, according to Joel Sher, the failed lender’s Chapter 11 trustee. Thornburg, once the nation’s second-largest independent mortgage company, filed for bankruptcy protection in May 2009 to sell off its assets and go out of business.

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