On Monday, Interactive Mortgage Advisors will officially start the bidding process on an $11.1 billion package of jumbo ARM servicing rights belonging to the bankrupt Thornburg Mortgage, according to officials close to the deal. A jumbo and "super jumbo" lender/servicer, Thornburg Mortgage of Santa Fe filed for bankruptcy protection earlier this year. At Sept. 30, the receivables — which currently are being subserviced — carried a delinquency rate of 3.79% with foreclosures at 2.8%, said one investment banker. "It's their entire servicing portfolio," said the banker. IMA, which is based in Denver, declined to comment.
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