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NEW YORK (Reuters) - Thornburg Mortgage Inc on Friday said its survival is at stake because it is unable to meet $610 million of margin calls.
The company also said it will restate 2007 results and take a $427.8 million charge as of Dec 31 for its holdings of adjustable-rate mortgages.
Thornburg said falling mortgage prices together with liquidity imperiled by a surge of margin calls from its own lenders "have raised substantial doubt about the company's ability to continue as a going concern."
It said the margin calls "significantly exceeded" its available liquidity. Some analysts have said the company might need to file for bankruptcy protection.
