American Home Mortgage lays off hundreds

American Home Mortgage lays off hundreds

There are 173 comments on the Newsday story from Jul 11, 2007, titled American Home Mortgage lays off hundreds. In it, Newsday reports that:

American Home Mortgage Investment Corp., the Melville-based real estate investment trust, has laid off hundreds of workers without notice or even time to clear out their desks, current and former employees said ...

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former AHM Employe

Brooklyn, NY

#1 Jul 11, 2007
It is unpleasent to see people get laid off. Its also the nature of the business.I think AHM is some departments are overstaffed. They hire so many people with hopes of more work flow coming in but not on a need basis. They are still a great compnay. They take care of their employees. The mortgage business right now is suffering all over NY. Everyone moving out since they can not afford to stay. Also those that want to stay fall into mortgage payments that cant afford which leds them in to forclosure. Its a tricky business. Its just time to clean up house and build a stronger AHM. I might even attempt to return to AHM one day.
NoName

Peekskill, NY

#2 Jul 11, 2007
I hope everything goes well for AHM.
They are an excellent company and this kind of thing happens all the time in this business. Besides, it's hard to navigate the mortgage landscape - it gets busy quick and you have to hire and train people on a dime...then when the market drops - people have to go - that's just the way it is.
What would really help though would be if there was like a mortgage super-hero worker guy who could come and save the day. I mean think about it! He could work like a normal guy when the market is slow and when it gets busy, he could change into his mortgage superhero outfit and do the work of 200 people!!! That way there wouldn't have to be layoffs.
I think his superhero outfit should be green.
That would be in a perfect world, but no matter what happens - everyone will be okay - these things always have a way of working out.
former AHMer

Pearl River, NY

#3 Jul 11, 2007
I am dissapointed in the lay-off. To lay-off people based on performance or years of service is fine but remove people for any other reason is unacceptable and I have hear that this is happening too often. They are making big changes in the company and they fired some people (oops workers... it takes the reality out of the equation) that make the changes? AHM buying out companies that are on the brink of bankruptcy and during a time where the mortgage industry is going down the crapper is foolish.
catherine

Titusville, FL

#4 Jul 11, 2007
Analysts said that layoffs are inevitable due to the cyclical nature of the mortgage business and that they believe the company will ultimately weather the cycle.

what kind of idiot analysts are they talking to, yea, I don't think they are going to weather this DEPRESSION........IT IS OVER, THE STINK IS ON THE COMPANY,

I understand these people not getting it, I have been in mortgages since 82 and I never thought Savings of America the largest thrift in the nation would be gone, that it until all the S and L's were gone.......it is going on now buddy, the banks who lost the business in the 80's are poised to take it back from every broker and banker in the land......get ready.....the media is going to trash everyone else and say they are screwing the poor buyer and they will run to their safe (hahahah) banks who can hide their overage and junk fees.......this is just the beginning, I am sure everyone thought (like we always did) that summer would save us, SUMMER IS ALMOST OVER, and let the margin calls begin.....I believe there won't be any realtors left (NO ONE IS GOING TO HAVE ANY ROOM IN THEIR PRICES FOR 6.5% OR EVEN 2%) the business will be just like car sales ($200) a loan and pray if you have been a correspondent lender or broker that the investors don't sue you and put you in jail........this is getting ready to get real, real ugly and I still can't believe the people in it don't get it..........
Mortgage guy

Englishtown, NJ

#5 Jul 11, 2007
NoName wrote:
I hope everything goes well for AHM.
They are an excellent company and this kind of thing happens all the time in this business. Besides, it's hard to navigate the mortgage landscape - it gets busy quick and you have to hire and train people on a dime...then when the market drops - people have to go - that's just the way it is.
What would really help though would be if there was like a mortgage super-hero worker guy who could come and save the day. I mean think about it! He could work like a normal guy when the market is slow and when it gets busy, he could change into his mortgage superhero outfit and do the work of 200 people!!! That way there wouldn't have to be layoffs.
I think his superhero outfit should be green.
That would be in a perfect world, but no matter what happens - everyone will be okay - these things always have a way of working out.
Are you kidding me??? a good company???? what good company does that to thier employees?
What good company overcharges yield spreds to make up for loss's..
AAmerican home a good company? definatly not. Im suprised the FBI hasnt shut thenm down, and opened under another name. like some off the so called upper managment has done before.
Mortgage guy

Englishtown, NJ

#6 Jul 11, 2007
catherine wrote:
Analysts said that layoffs are inevitable due to the cyclical nature of the mortgage business and that they believe the company will ultimately weather the cycle.
what kind of idiot analysts are they talking to, yea, I don't think they are going to weather this DEPRESSION........IT IS OVER, THE STINK IS ON THE COMPANY,
I understand these people not getting it, I have been in mortgages since 82 and I never thought Savings of America the largest thrift in the nation would be gone, that it until all the S and L's were gone.......it is going on now buddy, the banks who lost the business in the 80's are poised to take it back from every broker and banker in the land......get ready.....the media is going to trash everyone else and say they are screwing the poor buyer and they will run to their safe (hahahah) banks who can hide their overage and junk fees.......this is just the beginning, I am sure everyone thought (like we always did) that summer would save us, SUMMER IS ALMOST OVER, and let the margin calls begin.....I believe there won't be any realtors left (NO ONE IS GOING TO HAVE ANY ROOM IN THEIR PRICES FOR 6.5% OR EVEN 2%) the business will be just like car sales ($200) a loan and pray if you have been a correspondent lender or broker that the investors don't sue you and put you in jail........this is getting ready to get real, real ugly and I still can't believe the people in it don't get it..........
Its a shake out ..the weak and the sick need to be shaken out of this inflated business. The real people who have done the right thing by there customers still have business. They are still writing loans...the johnny come latle's that know nothing are done. Selling an option arm isn't really an option anymore with the scrutiny that underwritters and banks are giving now. Im glad to see them go...I hope they close they are a dirty, dirty company.
melville ny

Corona, CA

#7 Jul 11, 2007
When business is down, a company must do what it needs to do in order to survive. Would you rather 7,000 employees nationwide lose their jobs in order for the few laid off employees to keep theirs? The mortgage industry is off all over the country with companies closing up shop left and right. A responsible corporation needs to make employee adjustments according to volume.
HA another one down

Englishtown, NJ

#8 Jul 11, 2007
Thier going down..I see a sell off & Major accounting issues in the near future. Did they pay overtime to their underperforming Loan officers? As they have to by law? Did they erase the overtime out of the computers like global home loans did? Are they going to try to keep 10 million in loans like Billy Alivaro & his fat gay lover and laywer who's father is on the board for the banking department and paid lots of money to them to keep out of jail and scrutiny & wasz too ..he know they earased the overtime he ordered it from global? Bail before they screw you to the wall. Bail as soon as possable to protect yourself. Thats a sinking ship. I see many similarities in both companies. Do they employ criminals? drug dealers and theves?
Mortgage guy

Englishtown, NJ

#9 Jul 11, 2007
melville ny wrote:
When business is down, a company must do what it needs to do in order to survive. Would you rather 7,000 employees nationwide lose their jobs in order for the few laid off employees to keep theirs? The mortgage industry is off all over the country with companies closing up shop left and right. A responsible corporation needs to make employee adjustments according to volume.
Yeah responsable with no severance or notice so they MIGHT be able to land on there feet. How were the execs bonuses? nice? How bout thier salaries and stock options. There ok right? I hope so . Becuse the tech guy doesnt have any. & the poor slob processer supporting her family doesnt have any or severance or bonus. Yeah, thats the right way of doing it..enron style.

“silly conspiracy theory HA”

Since: Mar 07

Long Island

#10 Jul 11, 2007
Interesting, go on careerbuilders or monster.com and they still have ads for hiring
former AHM employee

Mesa, AZ

#11 Jul 11, 2007
melville ny wrote:
When business is down, a company must do what it needs to do in order to survive. Would you rather 7,000 employees nationwide lose their jobs in order for the few laid off employees to keep theirs? The mortgage industry is off all over the country with companies closing up shop left and right. A responsible corporation needs to make employee adjustments according to volume.
Sounds like AHM upper management talk
Steve

Omaha, NE

#12 Jul 11, 2007
After reading the article in today's paper I was surprised by what was happening.I think it is very difficult to lose a position at a company that you have worked for and trusted for many years. When it happened to me I felt very betrayed. I am now in a position that I may be able to help some of the folks that had lost their careers. I help train and develop a sales force for Mutual of Omaha. If any former AHM employee may be looking for a new career opportunity please send me an e-mail, I would be very happy to talk with you. [email protected] m
CaptSlappy

Pleasantville, NY

#13 Jul 11, 2007
Why did you state "The company, which holds diverse interests in mortgage-related securities" in the beginning of the article and then say "American Home is particularly vulnerable because it does not have diversified operations"? Seems like you do not know what you are attenping to say, is your editor on vacation this week? Please make up your mind.
ahm goner

United States

#14 Jul 11, 2007
I think the layoffs are called for however I do see they are laying off the wrong people. They need to get rid of the 3 to 4 layers of supervisors and managers. AHM is worse then highway state workers. 8 people watch 1 person working.
Laid Off AHM Worker

AOL

#15 Jul 11, 2007
I was laid off with no notice and a terrible severance. I was told that there was a slow down in the business and my position was no longer needed yet they hired another 4 people in my old department.
former AHM employee

Mesa, AZ

#16 Jul 11, 2007
It's too bad, I really like AHM and they have alot to offer their loan officers. I kept watching their stock price fall lower and lower and was thinking something like this was going to happen... I just wasn't really expecting it. I was a newer employee (less than 6 months) and trying to build my business, so my production wasn't stellar by any means, but it's not like they were paying me a salary, I didn't even have health insurance set up through them so it didn't really cost them anything for me to work there. All in all though, I hope every thing works out for them as I have friends who are still there
bob

Pleasantville, NY

#17 Jul 11, 2007
American Home is a very Stable Company especially it's very profitable wholesale division ABC. Please report accurately.
Mc Donalds is hiring

Pleasantville, NY

#18 Jul 11, 2007
This happens every day with thousands of people and companies. why the big stink???
Mortgage guy

Englishtown, NJ

#19 Jul 11, 2007
bob wrote:
American Home is a very Stable Company especially it's very profitable wholesale division ABC. Please report accurately.
In my experience your Wholesale is horrible..you say one thing and then change it. Your reps dont understand your own guidlines. That will probably be the death of you. Ultra conservative. Lose your warehouse line with lack of delivery. Came in the offices with grand dios plans of GREAT programs that have not materialized. Good luck bob...
Bob

Brooklyn, NY

#20 Jul 11, 2007
I have only had positive experience with AHM. Best reps in the industry.
Mortgage guy wrote:
<quoted text>
In my experience your Wholesale is horrible..you say one thing and then change it. Your reps dont understand your own guidlines. That will probably be the death of you. Ultra conservative. Lose your warehouse line with lack of delivery. Came in the offices with grand dios plans of GREAT programs that have not materialized. Good luck bob...

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