IMA Expects 20 Bid Submissions on Thornburg Portfolio

Interactive Mortgage Advisors expects roughly 20 different investors to submit applications to clear them for bidding on an $11 billion jumbo servicing portfolio that belongs to the bankrupt Thornburg Mortgage of Santa Fe. IMA managing member Tom Piercy said interest in the receivables has been strong with potential bidders including hedge funds, private equity money and existing residential servicing firms. "Interest has come from across the board," said Mr. Piercy. To be deemed suitable, investors must submit an application package by Monday afternoon. Each bidder must have a minimum net worth of $15 million. The portfolio has average loan balances of $650,557 and a weighted average FICO score of 740. A subservicing firm is currently doing the paperwork on the loans.