This is just one of our articles referencing the financial crisis, crash of the housing market, subprime, and more:

After a brief break from writing about the mortgage industry the team at Mortgage Blues has studied end of the year financial reports and the news is not good. One lender that stands out is Thornburg. These guys liked California, Arizona and other areas that required jumbo mortgages. JPMorgan issued Thornburg with a “default notice” after the lender was unable to meet a $28 million margin call, which the bank demanded after a significant decline in the value of its assets.

If a major player cannot make a margin call of $28 million they would have a real problem if they were in the position that Countrywide finds themselves in. Meanwhile HSBC announced year-end earnings. What a shame the purchase of Household International was for HSBC. Although the bank was profitable a $17 billion (USD) hit is huge compared the Thornburg’s mere $28 million.