Sources: Feds probing American Home c...

Sources: Feds probing American Home collapse -

There are 23 comments on the Newsday story from Oct 2, 2007, titled Sources: Feds probing American Home collapse -. In it, Newsday reports that:

Federal prosecutors and the FBI have opened an investigation into whether criminal misconduct was involved in the collapse of Melville-based American Home Mortgage, according to several sources familiar with ...

Join the discussion below, or Read more at Newsday.

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Josh D

Baltimore, MD

#1 Oct 3, 2007
100% stated investment properties. I'm amazed they didn't go under sooner.

Who'd ever have guessed that you can lose money loaning it to people unwilling and/or unable to pay you back? I guess they don't teach that when you get your MBA.
mike t

Philadelphia, PA

#2 Oct 3, 2007
look at the hud 1 statements and that will answer your questions

Since: Aug 07

High Point, NC

#3 Oct 3, 2007
If the Feds have any sense at all the first thing they'll do is pull Mikey and Stevie's passports, then freeze all their assets. The whole thing smells like three-day-old fish.
Beth Wright

Fort Campbell, TN

#4 Oct 3, 2007
Are they (AHM) going to keep our Escrow money when we sell our house ?
Who is protecting our Escrow Account: will we get a refund at closing like normally happens ???
Fantasy jobs

Norwood, NJ

#5 Oct 3, 2007
Cashier at Burger King making $5k a month, stated income, 100% financing, seller paid closing costs and cash back to the borrower at closing??? I have a bridge for sale, want to buy it???
Former Employee

AOL

#6 Oct 3, 2007
I hope all responsible will burn for everything they have done and to all the employees and their families that has effected.
Richard Allen

United States

#7 Oct 3, 2007
Typical Government reaction, you have a dangerous intersection for years, no problem, just let people get maimed and killed until a child darts across the street and gets killed

Traffic lights, painted road, Reflectors all up in 7 days.

Most documents would probably be trashed by now....do you really think AHM kept them safe?
Ya think

Port Washington, NY

#8 Oct 3, 2007
Criminal conduct? Ya think?
Saw that coming

Cresskill, NJ

#10 Oct 3, 2007
Think the Feds dragged their heels slowly enough? Slow enough for their buddies planted all over this company to have already laundered all the cash from the quick sale of all those tasty fast Sun and Linux servers I saw in the machine room when I interviewed there a few months before the balloon busted. Betcha not a lot was left in there when they rolled up the sidewalks and turned off the lights... heh.
Common Sense

Pearl River, NY

#11 Oct 3, 2007
Let's see if the Feds really do anything... My bet is that they'll take a long look... then just chalk up the whole collapse to poor management that didn't see the end of the real estate bubble coming!

There might be some funny money movement that will draw some charges... but the big picture is just a bunch of under-educated players in a market that liked the money... abd thought is would go on forever!

The real victims are the day to day employees living paycheck to paycheck that got the boot when the house of card came down!
robert tapia

Reseda, CA

#12 Oct 4, 2007
wiw

Port Tobacco, MD

#13 Oct 4, 2007
SSDD
sonny419

Norwood, NJ

#14 Oct 4, 2007
Well the Longwood School District and Brookhaven Township , along with American Home Mortgage Corp. have finally done what I thought would never happen . I have to leave my beloved Long Island. Between the high taxes and my wife loosing her job at AMC,I have no alternative but to move. Pretty soon no one will be here and who will pay taxes. the job market is gone due to The Global Economy and outsourcing to foreign countries.You call a company and you get recordings or speak to someone in India. This used to be America. Not anymore. Still I consider myself lucky. My house sold in Eight days. So goodbye New York. Hello Pocanos.
lol

Long Valley, NJ

#15 Oct 4, 2007
You are lucky. Houses just south of you have been for sale for a year.
kill whitey

West Palm Beach, FL

#16 Oct 4, 2007
nice!!!

I can smell a dead rat from half way across the country...

some sleepless nights.... ahead fellas....

knock, knock...

whos there???

ut oh,,, its a subpoena!!!

yikes
kill whitey

West Palm Beach, FL

#17 Oct 4, 2007
oh the bankruptcy was a cute little tactic...

In this humble persons opinion it was just a feeble hearted attempt to shut dowm the lawsuit trail...

I'll bet it was something along the lines of "who wants to sue a bankrupt company?" "we file and the lawyers will go away"

Oh but here the the Federales!!!

I'm rooting for the FBI all the way on this one...

alot of people got hurt... people got hammered into junk loans...

Time to pay the fiddler!!!
kill whitey

West Palm Beach, FL

#18 Oct 4, 2007
gentlemen....

start your shredders!!!!

I'd run out and buy the biggest, baddest Enron special shredder I could find...

then go hide under your bed!!!

Attention Mortgage Brokers... If you lied on a 1003 we have a suprise for you....

Tell em what they've done Johhny!!

We'll, for falsifying a 1003... you've committed bank fraud!!!

Dirty Dirty... I hope the Feds ride into town A whoompin and A whumpin!!!
Curious

Pikesville, MD

#19 Oct 5, 2007
Money talks and you know what walks.
ex ahm

AOL

#20 Oct 9, 2007
FBI should investigate what the remaining clean-up staff & execs are still doing there (collecting a 40% increase in salary). I'm sure they all realize that as soon as an insider whispers that the clean-up job is done, they get laid off too. Can you say "Milking the system"?
Creeger

Dallas, TX

#21 Oct 9, 2007
The days of hybrid loan products (125%, Alt A, Stated Income) are gone forever never to return in this lifetime. The Wall Street geniuses who structured these creative financing vehicles (and loudly lauded for doing so) have been paid, are out of the picture, basking on a beach somewhere sipping on mai tais and not looking back. Time to find another career outside of mortgages ya'll because the housing/mortgage industry implosion is currently only in its infancy. When ARM resets hit next year, the housing market will be in for yet another wake up call that may, no WILL, send the overall economy into a tailspin. No more housing ATMs, no more luxury purchases, no more indiscriminate spending by those who have maxed out their home equity in order to keep up with the Joneses, another worrisome spike in mortgage delinquencies and foreclosures. To top it all off, thanks to desperate builders slashing prices on new construction units, most panicky sellers will end up upside down to close as sales comparables decline rapidly in value until we've reached a point of statis, severly limited loan production on A paper all the way, the death knell of our industry. The sky is truly falling in our industry and the blame must be shared by all who were complicit in this massively successful failure. God help us all...good luck to all who have been caught up in this maelstrom. Adios, have to get back to my jobs.com search ...

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