Thornburg Mortgage to Trade Over-the-Counter under Symbol “THMR”

SANTA FE, N.M.--(BUSINESS WIRE)--Thornburg Mortgage, Inc. (Pink Sheets: THMR), a leading single-family residential mortgage lender focused principally on prime and super-prime borrowers seeking jumbo and super-jumbo adjustable-rate mortgages, today announced that effective 9:30 a.m. EST tomorrow, December 5, 2008, the Company's common stock will commence trading on the Over-the-Counter ("OTC") Pink Sheets market, a centralized quotation service that collects and publishes market maker quotes for OTC securities in real-time. Thornburg Mortgage's shares will trade under the ticker "THMR.” As previously announced, the move to OTC trading for the common stock is the result of the Company no longer meeting the New York Stock Exchange’s continued listing standard regarding an absolute and average closing price of at least $1.00.

Additionally, as result of the November 19^th completion of the Exchange Offer and Consent Solicitation, the Company's preferred stock no longer meets the New York Stock Exchange's continued listing criteria and trading in all series of preferred stock was previously suspended on November 20, 2008. The remaining shares of preferred stock not tendered may trade on the OTC Pink Sheet under the tickers THMRM, THMRN, THMRO and THMRP.

The new quotation is intended to continue Thornburg Mortgage's market exposure and provide trading visibility and liquidity of its shares within the financial community. Pink Sheets' quotation service is a secondary trading market, not a securities exchange.

The Pink Sheets listing also allows investors to hold their shares and settle their trades through the U.S. settlement systems, like any other U.S. stock.

As previously noted, Thornburg Mortgage’s move to OTC trading will not constitute a default under the Company's lending arrangements or its outstanding debt securities and will not affect the Company's obligation to file periodic and other reports with the Securities and Exchange Commission under Section 12(g) of the Securities Exchange Act of 1934, as amended, or pursuant to covenants in the indentures underlying its debt securities.

Investors can find real-time quotes, disclosure and financial information about Thornburg Mortgage at www.pinksheets.com and at www.thornburgmortgage.com.