Below is a statement released Friday from Larry Goldstone, president and CEO and Thornburg Mortgage. The company, as many of you know, is headed for bankruptcy
after struggling to stay afloat for two years -- despite running one of the most conservative lending books in the entire industry. It's a sad story, and one that should remind us of just how tough a climate we're really facing. We send our best wishes to those affected.
Today has been a really difficult day for our organization as we have separated with a majority of our colleagues. When an organization has to go through such an exercise, it is always unfortunate because it affects people who were not responsible for the circumstances and who we care about deeply.
Thornburg Mortgage, Inc. has been through a very difficult two years as it has tried to survive this tumultuous mortgage marketplace and we have done everything humanly possible over the past year to try to bring a satisfactory resolution to our situation. The sad fact is that the credit crisis has turned out to be far bigger than Thornburg Mortgage, and we could not overcome its challenges. We gave it our best shot against very difficult odds. We value the contributions of the people who have been affected by this situation and we will be providing support to help them get through this difficult time.