A few minutes ago, Thornburg Mortgage (TMA), the mortgage REIT that has been in the eye of the storm last two days, issued a press release updating the situation (TMA Press Release)
Since 12/31/07 they have received $1.777 billion in margin calls, of which they have been able to meet $1.167 billion. That leaves them with a $610 million shortfall as of the close of business yesterday (Thursday, March 6).
The company has entered into an agreeement with its repurchase agreement counterparties to freeze additional margin calls through the end of business today (Friday, March 7) while the company searches for solutions.
The announcement has led to a renewed frenzy in Thornburg shares, which have lost about 30% in the last 15 minutes on a pickup in volume (TMA Intraday Chart).
Disclosure: Top Gun is long Thornburg Mortgage (TMA) shares.