-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 Wno8nHkgFAhytmlAmEWvu4MMFWISNE24hbAm2xkxw6EV083ZyCsgG2RFRfXy1LZP
 B0cD7MUg4hQJtI20sOAJPA==

<SEC-DOCUMENT>0001209191-08-067575.txt : 20081229
<SEC-HEADER>0001209191-08-067575.hdr.sgml : 20081225
<ACCEPTANCE-DATETIME>20081229171857
ACCESSION NUMBER:		0001209191-08-067575
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20081224
FILED AS OF DATE:		20081229
DATE AS OF CHANGE:		20081229

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			RAINWATER RICHARD E
		CENTRAL INDEX KEY:			0000909549
		STATE OF INCORPORATION:			KY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11914
		FILM NUMBER:		081273540

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		8178780402

	MAIL ADDRESS:	
		STREET 1:		777 MAIN STREET
		STREET 2:		SUITE 2250
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76102

	FORMER NAME:	
		FORMER CONFORMED NAME:	RAINWATER RICHARD E/777 MAIN STREET CORP
		DATE OF NAME CHANGE:	19930722

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			THORNBURG MORTGAGE INC
		CENTRAL INDEX KEY:			0000892535
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				850404134
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		150 WASHINGTON AVE
		STREET 2:		SUITE 302
		CITY:			SANTA FE
		STATE:			NM
		ZIP:			87501
		BUSINESS PHONE:		5059891900

	MAIL ADDRESS:	
		STREET 1:		150 WASHINGTON AVE
		STREET 2:		SUITE 302
		CITY:			SANTA FE
		STATE:			NM
		ZIP:			87501

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	THORNBURG MORTGAGE ASSET CORP
		DATE OF NAME CHANGE:	19940531
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>c78833_4x0.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-12-24</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <issuer>
        <issuerCik>0000892535</issuerCik>
        <issuerName>THORNBURG MORTGAGE INC</issuerName>
        <issuerTradingSymbol>THMR</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000909549</rptOwnerCik>
            <rptOwnerName>RAINWATER RICHARD E</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>777 MAIN STREET</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 2250</rptOwnerStreet2>
            <rptOwnerCity>FORT WORTH</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>76102</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>Former 10% Owner (See Remarks)</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <remarks>Based on warrant exercises reported to date, the Reporting Person is no longer subject to Section 16.</remarks>

    <ownerSignature>
        <signatureName>/s/ Melissa T. Parish, attorney-in-fact</signatureName>
        <signatureDate>2008-12-29</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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