Sale of Thornburg Servicing Rights Clears Hurdle

The sale of $11.5 billion in jumbo servicing rights belonging to the bankrupt Thornburg Mortgage of Santa Fe has cleared another hurdle but it's still unclear when bids will be taken. According to investment bankers familiar with the deal, Thornburg's trustee in Baltimore has approved an advisor to sell the receivables. (The jumbo lender/servicer filed for bankruptcy protection in Maryland earlier this year.) It's still unclear when a formal bid process might start but brokers in the servicing market are aware the deal is in the works. Meanwhile, The Prestwick Group, Alexandria, Va., is selling two small servicing packages - a $34 million package of Fannie Mae/Freddie Mac and private investor rights. The seller is a national bank and the liens are on homes in South Carolina. The company also is selling a $16 million FHA Government National Mortgage Association portfolio. Interactive Mortgage Advisors, Denver, and MIAC, New York, also have packages out for bid.