American Home Mortgage Investment Corporation was the 10th largest retail mortgage lender in America and was structured as a real estate investment trust commonly known as REIT.
It has filed for bankruptcy and the company stated that it was focused on earning net interest income from self-originated loans and mortgage-backed securities, and through its taxable subsidiaries, from originating and servicing mortgage loans for institutional investors.
Mortgages were originated through the company’s employees as well as through mortgage brokers and purchased from correspondent lenders and were serviced at the company’s servicing center in Irving, Texas.
The company filed for Chapter 11 bankruptcy protection in Wilmington Delaware federal court, on August 6, 2007. The week before the filing, the company said that many of its lenders had demanded their money back, and that AHM was also unable to deliver on about US$ 800 million in commitments for housing loans, and had laid off nearly ninety percent of its 7,000 employees.
Revenue $1.1 BillionUSD (2006)
Net income $426.5 Million USD (2006)
http://www.americanhm.com
Stock Activity
Last Price 0.00
52 Week High 36.40
52 Week Low 0.63
Volume NA
Average Daily Volume (13wk) 982,955
50 Day Moving Average 17.20
200 Day Moving Average 26.59
Volatility (beta) NA
American Home Mortgage, which specialized in “Alt-A” subprime mortgages, sought protection from creditors in bankruptcy court this morning. The company had issued stock as recently as April, which proves yet again that markets are NOT rational, despite what economists would tell you. Apparently this is NOT a spill over into the conventional market, but it is about mitigating risk and reward.
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