Thornburg, the American mortgage lender, was teetering on the brink of bankruptcy last night as a key creditor demanded that it liquidate assets after failing to put up $28m (£13.9m) in extra collateral, The Times reports.
Thornburg’s escalating credit crisis coincided with new data showing that foreclosures on American properties hit a record in the fourth quarter of 2007. The Dow Jones industrial average closed at 12,040.4, down 214.60, and the S&P 500 index fell by 29.35 points to finish at 1,304.35 as investors were forced to accept that the credit crunch was far from over. THE POUND HAS broken through the $2 mark for the first time since January, after the Bank of England voted to leave interest rates unchanged at 5.25%, according to The Telegraph. The Monetary Policy Committee decision, which was w...
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