Thornburg Mortgage, which is operating under bankruptcy protection, soon will auction off $12 billion in jumbo servicing rights — $2 billion more than previous estimates, according to investment banking officials. Sources indicate that an auction of receivables is indeed coming but that the company's managers have to proceed with the bankruptcy court's approval. Thornburg's legal counsel in Baltimore did not return a telephone call about the matter. Even though the once publicly traded company is based in Santa Fe it filed for Chapter 11 in Maryland. Its legal counsel is Venable LLC in Baltimore. A REIT, Thornburg filed in May, listing assets of $24.4 billion and debts of $24.7 billion.
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