Answers for American Home Mortgage customers -

There are 20 comments on the Newsday story from Aug 2, 2007, titled Answers for American Home Mortgage customers -. In it, Newsday reports that:

The rapid meltdown of American Home Mortgage has left many people wondering about their mortgages or mortgage approvals with the Melville-based lender.

Join the discussion below, or Read more at Newsday.

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Gene

Prospect, CT

#2 Aug 2, 2007
How does a primary mortgage lender crash overnight? It seems something with this much potential impact there would have been some warning signs that a regulatory group would have been on top of. Unless, of course there was fradulent reporting.
Awaiting funds

Laurel, MD

#3 Aug 2, 2007
anyone know what is going on as of this AM
concerned

Tampa, FL

#4 Aug 2, 2007
any updates
anonymous

Fort Wayne, IN

#6 Aug 2, 2007
Awaiting funds wrote:
anyone know what is going on as of this AM
I can tell you that they have closed the doors in the fort wayne, indiana office.
Scott

Fairport, NY

#7 Aug 2, 2007
They are a conduit, not a direct lender. I spoke with a Wells rep and they (an unofficial source) said that with all the issues in mortgages today, they rather mitigate their loses by eliminating a company that makes most of the upfront mortgage revenue but shares nominally in the mortgage risks.

Everyone knows this is costing banks millions
laid off last week

Warren, MI

#8 Aug 2, 2007
heard announcement will be made within the hour.
AHM employee

San Jose, CA

#9 Aug 2, 2007
laid off last week wrote:
heard announcement will be made within the hour.
By who and how? another confereance call or on the news?
ABC unemployee

Dobbs Ferry, NY

#10 Aug 2, 2007
Awaiting funds wrote:
anyone know what is going on as of this AM
As of 4:30pm yesterday ABC (a division of AHM) is done. That means no funds, everyone was let go!!!
ABC Wholesale

Salt Lake City, UT

#11 Aug 2, 2007
ABC unemployee is uninformed! I am an ABC AE and as of right NOW, we still have not heard anything new after the conference call yesterday. Yes, everyone (including mgmt) is packing up their desks, but I have to say that ABC Exec mgmt has updated us as often as I believe is possible for them. They have been working 20 hours a day trying to place the wholesale division. Today might be the day, but until then, but let's keep everything TRUTHFUL!
AHM-er

South Ozone Park, NY

#12 Aug 2, 2007
It's all over. It'll be official in about 10 minutes. Everyone trading contact info and saying goodbyes in Melville.
What to do now

Cheshire, CT

#13 Aug 2, 2007
My husband is just sitting in the Melville office waiting for information. Working has basically seized and people are staring at each other. Supposedly HR is going to make an announcement regarding their employment later this afternoon.
Experienced Loan Officer

Wakefield, RI

#14 Aug 2, 2007
Your advise to call another lender is not the best. If you have an approved loan that is waiting to fund, you should call your loan officer. Even loan officers that work for American Home Mortgage can (and should be) brokering your loan to another investor. No need to start over with another lender...your loan officer can take your complete file for you to another lender and get it closed.
Awaiting funds

Laurel, MD

#15 Aug 2, 2007
I just heard from my LO, he is metting with someone else and taking my loan there, more than likely they will file bankruptcy by days end. I was also told, no one is saying much of anything. Big change from the 90% chance of the investor backing the retail section and funding the outstanding loans today as I was told about 4:50pm yesterday.
bob t

New York, NY

#16 Aug 2, 2007
I am building a home with a construction loan from ahm and the are paying the contractor in draws each month, will they continue to pay him, the house is around 40% complete.
Former emplyee

New York, NY

#17 Aug 2, 2007
Scott wrote:
They are a conduit, not a direct lender. I spoke with a Wells rep and they (an unofficial source) said that with all the issues in mortgages today, they rather mitigate their loses by eliminating a company that makes most of the upfront mortgage revenue but shares nominally in the mortgage risks.
Everyone knows this is costing banks millions
They have multple divisions. ABC is their wholsesale conduit divsion. They also operate as full service mortgage bank.
anl

Mineola, NY

#18 Aug 2, 2007
My husband works in melville and as of 10 am today, he said today will be their last day. he doesn't think there's severance pay. we are now wondering if they will get their paycheck in the mail and what happens with their unused vacations/personal days.
American Home EX-LO

Barnwell, SC

#19 Aug 2, 2007
We have been informed that the east coast is out of business. BK filing should take place before the end of the day. I have as well as other professionals have put our borrowers first in taking their loans elsewhere. For the least headache, please allow your LO to recommend or handle sending your loan to a stable institution for your loan closing. Although I happened to have been with a company that no longer exist, I am an expert at what I do along with my co-workers. We will continue to do what we love......
disgruntled employee

Dobbs Ferry, NY

#20 Aug 2, 2007
it is unbelieveable of the bs going on, not only are they trying to find the funds to pay us, but they are not even going to pay for the this weeks time worked
laurel

United States

#21 Aug 2, 2007
i was completely closed on my house with the exception of AHM's funds being wired to the seller. now i am completely screwed. thank you so much.
AHM Manager

Shelby, NC

#22 Aug 2, 2007
Wholesale is gone. The retail branches in the West will be taken over by IndyMac....the East...not so lucky.

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