Is American Home Mortgage closing?

Author Message
Icon Mini Profile jenkin7
jenkin7



Joined: 04 Jun 2007

Posts: 3429
Location: Hawaii
514.13 Dollars($)
PostPosted: Fri Aug 10, 2007 5:02 am    Post subject: Is American Home Mortgage closing?

Hello everyone,

I heard something very stunning today. American Home Mortgage is closing it's business. is that so??
Mac_7

Guest






PostPosted: Fri Aug 10, 2007 5:09 am    Post subject:

Most likely so..
Icon Mini Profile sara
sara
Moderator


Joined: 05 Jul 2006

Posts: 1679
Location: New Brunswick, New Jersey
315.11 Dollars($)
PostPosted: Fri Aug 10, 2007 5:12 am    Post subject: RE: american home mortgage has filed bankruptcy

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.
Greenstein

Guest






PostPosted: Fri Aug 10, 2007 12:47 pm    Post subject:

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.
Icon Mini Profile miller_st
miller_st



Joined: 17 Jan 2007

Posts: 917

168.92 Dollars($)
PostPosted: Fri Aug 10, 2007 12:55 pm    Post subject:

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
Icon Mini Profile Niicss
Niicss



Joined: 03 Oct 2005

Posts: 2620
Location: New Jersey
409.63 Dollars($)
PostPosted: Fri Aug 10, 2007 1:07 pm    Post subject:

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.

_________________
Good is the Enemy of Great.
Quick Reply
Your Name
Subject
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights
Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit Live Help

Explore the lender near you

Google Map Image

MF Talk



DebtConsolidationCare    Insurance community: We Make You Insurance Smart    CreditMagic: Helping you build up credit


We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0