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 jenkin7
Joined: 04 Jun 2007
Posts: 3429
Location: Hawaii
514.13 Dollars($)
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 Posted: Fri Aug 10, 2007 5:02 am Post subject: Is American Home Mortgage closing? |
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Hello everyone,
I heard something very stunning today. American Home Mortgage is closing it's business. is that so?? |
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Mac_7
Guest
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| Posted: Fri Aug 10, 2007 5:09 am Post subject: |
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| Most likely so.. |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1679
Location: New Brunswick, New Jersey
315.11 Dollars($)
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| Posted: Fri Aug 10, 2007 5:12 am Post subject: RE: american home mortgage has filed bankruptcy |
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That's true Jenkin. They have even filed for bankruptcy and it's sad but the fact that their employers are now looking for new jobs.
The figures are alarming!!
7000 employees in total at American home mortgage but only 750 being retained till last week. |
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Greenstein
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| Posted: Fri Aug 10, 2007 12:47 pm Post subject: |
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Closing down of business by American Home Mortgage is the largest casualty of the housing downturn. This downturn is mostly because of the increased number of delinquencies in the subprime market.
Michael Strauss, American Home Chief Executive has said that:
| Quote: | | market conditions in both the secondary mortgage market as well as the national real estate market have deteriorated to the point that we have no realistic alternative. |
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miller_st
Joined: 17 Jan 2007
Posts: 917
168.92 Dollars($)
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| Posted: Fri Aug 10, 2007 12:55 pm Post subject: |
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It is really shocking to know that American Home Mortgage Investment Corp. is closing down.
I heard that AHM lent mainly to borrowers with good credit histories but loans were also offered with terms that were sometimes too relaxed. Many loans were "Alt-A", & near about half were adjustable rate mortgages, for which rates had adjusted to levels beyond the means of borrowers.
Miller |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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| Posted: Fri Aug 10, 2007 1:07 pm Post subject: |
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AHM has filed for Chap 11 bankruptcy protection in Wilmington, Del.
Many who had taken a mortgage from them might be afraid about what will happen. Let me tell you that bankruptcy filed by lenders do not affect the status of mortgages already on the books.
It simply means that financial institutions will most likely buy company's loans when their assets are auctioned off. Bankruptcy filing by lenders does not imperil people's homes.
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Good is the Enemy of Great. |
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