LAWSUITS NEWS & LEGAL INFORMATION
Thornbug Mortgage Inc.
Charlotte, NC: (Aug-29-07) Wachovia Corp. brought a lawsuit against Thornbug Mortgage Inc. over a derivatives transaction. Wachovia sued Thornburg in the US District Court in Manhattan, alleging the New Mexico-based company failed to return collateral to the bank. Thornburg is a single family residential mortgage lender focused principally on the jumbo segment of the adjustable rate mortgage market. Jumbo mortgages generally total more than $417,000.
In a settlement reached, Wachovia Corp. dismissed its lawsuit against Thornbug Mortgage, after Thornburg paid a $5.1 million settlement to the Charlotte-based bank. As of June 30, 2007, Wachovia had assets of $719.9 billion and market capitalization of $97.5 billion. The company has 3,400 retail branches in 21 states. [CHARLOTTE BUSINESS JOURNAL: DERIVATIVE TRANSACTION]
Published on Aug-31-07
In a settlement reached, Wachovia Corp. dismissed its lawsuit against Thornbug Mortgage, after Thornburg paid a $5.1 million settlement to the Charlotte-based bank. As of June 30, 2007, Wachovia had assets of $719.9 billion and market capitalization of $97.5 billion. The company has 3,400 retail branches in 21 states. [CHARLOTTE BUSINESS JOURNAL: DERIVATIVE TRANSACTION]
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