Thornburg Mortgage Inc. said Wednesday that it expects to file for bankruptcy protection, ending a fight for survival that began more than a year ago, when the Santa Fe, N.M., jumbo lender and real estate investment trust was hit with margin calls it could not meet.

Suzanne O'Leary Lopez, a spokeswoman for Thornburg, said its dissolution plan was the result of a single issue: "the inability to support the margin requirements for financing our mortgage securities portfolio, given the continued decline" in the prices of such bonds.

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