Bankruptcy threat looms for American ...

Bankruptcy threat looms for American Home Mortgage

There are 208 comments on the Newsday story from Aug 1, 2007, titled Bankruptcy threat looms for American Home Mortgage. In it, Newsday reports that:

In a move that sent shock waves through the financial markets and left investors millions of dollars poorer, Melville-based American Home Mortgage Investment Corp.

Join the discussion below, or Read more at Newsday.

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Oh noooo

AOL

#1 Aug 1, 2007
Closed with AHM last wednesday...expecting proceeds chack on Tuesday via overnight delivery....no check...no house...no faith in the system...royally screwed!! Anyone want to purchase a home that is 75% built??
hls

Austin, TX

#2 Aug 1, 2007
Oh noooo wrote:
Closed with AHM last wednesday...expecting proceeds chack on Tuesday via overnight delivery....no check...no house...no faith in the system...royally screwed!! Anyone want to purchase a home that is 75% built??
where is the huse located. I might like to but it
Donna Simon

Scottsdale, AZ

#3 Aug 1, 2007
My Husband and I are one of those couples caught up in this mess. All set to move to our new home across country, all the papers signed and just waiting for the checks to be wired to the seller and BOOM! We get the news of the falling of AMH. WE now have no Home and we are on the road across country to go to what was to be our new home. I am just sick over this whole thing and don't know what to do.
Steven Pertusati

AOL

#4 Aug 1, 2007
I am not surprised by the current troubles at AHM. As a former employee for a number of years (I left the company 18 months ago) it has always been management's position to overstate the value and success the company was actually achieving. Self serving individuals at the company has contributed to this debacle.
AHM

Pleasantville, NY

#6 Aug 1, 2007
This is unbelievable. I can only imagine what's in store now for A.H.M. Its only 9am and I have less the 15 loans. Two of my loans, settlement Agent are waiting for funds. WHAT FUNDS!!
WE HAVE NO MONEY !!
New AHM Employee

Pleasantville, NY

#7 Aug 1, 2007
I just started working here in April. They were on a hiring frenzy that was still going as recently as a month ago. The really frustrating thing is that they haven't said one single official word to any of us employees. We get our news from Newsday, CNN, and plain old gossip. But I'm sitting here at my desk in Melville, not knowing if I'll have a job an hour from now.
Noo

Holcomb, MS

#8 Aug 1, 2007
What is there to do? I had my stuff packed up also when I heard the news.
AHM-er

South Ozone Park, NY

#9 Aug 1, 2007
We in middle management keep hearing via conference calls that there are several deals in the works and options to keep the company going, but it really is heard to believe we'll be able to weather this storm. I really fear that 7500 people will be dumped into an employment market where mortgage industry positions are going to be nearly impossible to find! Something is cooking, though, and we're having a call at 10:30 that might reveal what the plan will be. Fingers are crossed and stomachs are knotted!
BIG CAP - BALDWIN NY

Chicago, IL

#10 Aug 1, 2007
I was fired from AHM a year ago for stupid reasons, I HATE this company. Jason Storm & Chris Vasilakis I'm laughing at you now !!!
Hey Steven Pertusati

Pleasantville, NY

#11 Aug 1, 2007
I am not surprised by the current troubles at AHM. As a former employee for a number of years (I left the company 18 months ago) it has always been management's position to overstate the value and success the company was actually achieving. Self serving individuals at the company has contributed to this debacle.

How are you? Long time no hear - it's your fellow Piscean. Glad to see you are still around. SR
AHM-PA

Pleasantville, NY

#12 Aug 1, 2007
AHM-er wrote:
We in middle management keep hearing via conference calls that there are several deals in the works and options to keep the company going, but it really is heard to believe we'll be able to weather this storm. I really fear that 7500 people will be dumped into an employment market where mortgage industry positions are going to be nearly impossible to find! Something is cooking, though, and we're having a call at 10:30 that might reveal what the plan will be. Fingers are crossed and stomachs are knotted!
Let us know the outcome of the call. We here in PA have heard nothing since the 12:00 conference call yesterday.
RNM

Gwynn Oak, MD

#13 Aug 1, 2007
People who have loan applications with AHM will be OK. All they have to do is make application with another lender. The delay should be less than two weeks. At least they will get their house. They can probably get a better deal today than when they made mortgage application. Some other lender will make it happen for the loan customers.
Joe is Back

New York, NY

#14 Aug 1, 2007
I'm still here reading and waiting to see what happens.
wow

Midland, TX

#15 Aug 1, 2007
How about that booming housing market? not.......
AHM-er

South Ozone Park, NY

#16 Aug 1, 2007
Hey Big Cap - I understand your anger, but there are several thousand folks for whom this is no laughing matter.
William Miller

Cockeysville, MD

#17 Aug 1, 2007
AHM can repackage theit loans and stay in business but instead the company officers will take their millions and run. The Godfather said in five years all the Mafis business would be ligetimate. This proves it. Here they are at AHM. If the class action prople will contact me I will send a donation to help with criminal action.
Greg

Antioch, CA

#18 Aug 1, 2007
I too am not surprised by AHM's troubles. I was underwriter for this very aggressive company for several years and a large majority of their loans were stated income/stated assets with 80/20 (100%) financing. As long as the borrower met their FICO score criteria, the loan was approved.
ahm gossip

Pleasantville, NY

#19 Aug 1, 2007
new hires were coming in as late as yesterday... what a joke
Former AHM employee

Gadsden, AL

#20 Aug 1, 2007
Many of the people that are not getting there loans funded via AHM may be pleasently surprised if they call a differant broker.

AHM's rates are always out of the market to begin with and rates have gone down over the last few weeks.

AHM employees routinely call me to compare rates and the retail branch side is ALWAYS a quarter out of the market on Fannnie Mae.

Hopefully many of you can wait an extra couple of weeks to close.
Stroke of Luck

United States

#21 Aug 1, 2007
Well, all I can say is....boy, am I glad we did not close on our loan with American Home Mortgage yet !!! We did an equity loan with them this past December, called for a payoff in May, was told the amount, sent the payoff check & then got a bill for an outstanding balance. Turns out, we were told, that the Customer Service Rep that gave us the payoff was not "authorized" to do so and subsequently gave us an erroneous payoff amount. No apologies from AHM....nothing but calls at all hours demanding the balance be paid immediately! Rude Customer Service Reps, nobody seems to know what the previous CSR has spoken with us about. No explanation as to how our payment was applied and "mysterious" charges that seem to appear from nowhere and we have been waiting over a week and a half for one of those charges to be explained. TOTAL MESS! Can't wait to be done with this company. As a Customer Sales/Service Insurance Agent for over 20 years I have never experienced such lack of professionalism. If customer service was a contributing factor then I would NOT be surprised at this company's FAILURE. God Bless all of the consumers that have fallen prey to this company and God Bless the employees (even the "duh" ones) that may soon be searching for new jobs. If this company manges to pull through then my message to them is this..... do some Q&A surveys with your own Customer Service Department.... DUH !

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