The sale of $11.5 billion in Jumbo servicing rights belonging to the bankrupt Thornburg Mortgage of Santa Fe has cleared another hurdle but it's still unclear when bids will be taken.

According to investment bankers familiar with the deal, Thornburg's trustee in Baltimore has approved an advisor to sell the receivables. (The Jumbo lender/servicer filed for bankruptcy protection in Maryland earlier this year.)

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.