Thornburg Mortgage said overnight it had sold $US20.5 billion ($25 bilion) of assets as it seeks to weather the financial storm buffeting the troubled US housing industry. Thornburg, a nationwide lender based in Santa Fe, New Mexico, said it had sold billions of dollars in mortgage-backed securities to improve its finances which have been ravaged by credit problems sweeping the sector.

We will contiue to monitor Thornburg and will bring you all breaking news. Thornburg did not name a buyer.