TMA Going Away

So the best lender in the country defaults and most surely now goes under. Thanks Uncle Ben! Is that what you wanted?

Did you want the most responsible jumbo lender in this nation, Thornburg Mortgage (TMA - commentary - Cramer's Take), to go belly up?

What an amazing turn. I thought they could make it. They had beaten back the problems last fall and actually reinstituted the dividend, but they were not able to get any cash from anyone because there is no cash to lend for mortgages that have any credit risk.

I have to tell you I am sick about this one. TMA's not a chartered bank, so it had no deposits, and it was at the mercy of others, like it was some dumb hedge fund or something.

But in the end, it was a toxic situation, one of the dirty dozen I outlined a year ago as a candidate to go under.

What a shame. TMA? RIP.

At the time of publication, Cramer had no positions in stocks mentioned.

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