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To: Secret_Agent_Man who wrote (360574)	3/3/2008 8:17:32 AM
From: Giordano Bruno	Read Replies (1) \| Respond to of 436258

Thornburg Mortgage Says It Has Not Met Majority Of Its Most Recent Margin Calls - Quick Facts [MRK] 3/3/2008 8:15:46 AM Thornburg Mortgage, Inc. (TMA) announced that since February 28, the filing date of its 10-K Annual Report, the company has been subject to additional margin calls of approximately $270 million on its reverse repurchase agreement borrowings outstanding as of February 29, 2008. The company has not met the majority of its most recent margin calls. As of February 27, Thornburg Mortgage had met all margin calls in an amount in excess of $300 million, on its reverse repurchase agreements. After meeting all of its margin calls as of February 27, Thornburg Mortgage saw further continued deterioration in the market prices of its high quality, primarily AAA-rated mortgage securities, which triggered additional margin calls. As a result, the company was left with limited available liquidity to meet its current margin calls as well as any future margin calls. If the company is unable to satisfy outstanding margin calls, any or all of its reverse repurchase agreement counterparties may declare an event of default and liquidate the pledged securities. Such an occurrence would have a material adverse effect on the company's ability to continue its business in the current manner.