What will happen to American Home Mortgage? -

Aug 1, 2007 Read more: Newsday 15
As news of American Home Mortgage Investment Corp.'s insolvency reverberated throughout global markets Wednesday, analysts and experts looked forward, pondering the range of possible outcomes for the troubled ... Read more
Angry at 520

Flushing, NY

#1 Aug 1, 2007
So day 3 of this fiasco and still NO ONE in management has told the workers what is going on, or what to expect. They hide in their offices all day with the doors shut. We are forced to rely on news outlets for information about our livelihoods.

Around 1pm the security guard came around and told everyone to pack up their belongings, "It's over," he said. About 10 minutes later was the very first time we heard from anyone in management about our fate. The 520 building received a mass email from SVP Tim Neer's secretary saying that it was just a rumor and that we should unpack.

No word from anybody up top since then. They keep us in the dark like we were stockholders! But I'm not going to get mad. I'm going to get even.

I figure I can make some money as an "expert witness" in the upcoming class action lawsuits. I just want to return the gratitude that the AHM brass has shown me and my co-workers. I also want to make sure that justice is served, and that the guilty die in prison.

So article (ii) of the class action suit states:(ii) the Company was experiencing increasing difficulties in selling its loans and, therefore, was required to decrease prices, thereby reducing margins and profits.

Wait'll they find out that a good percentage of our woes came from old-fashioned cut & paste fraud. Can't get a borrower to sign a "corrected" TIL, just sign it yourself. Can't get a borrower to sign a 1003? Just sign that as well. Note incorrect? Cut and paste together one that the investor will buy.

This was a culture of corruption from top to bottom. With the pressure to sell loans coming from the top.

So, I don't know if I'm unemployed yet or not, no one wants to be straight-forward with us. But tell you what, I'm gonna be straight with the plantiff's lawyers.

Here's their info if anyone else wants in:
Glancy Binkow & Goldberg LLP. Please contact us to obtain a copy of the Complaint by email at info@glancylaw.com, or visit our website at http://www.glancylaw.com .

You are urged to contact Lewis Kahn, Managing Partner, KGS, via email at lewis.kahn@kgscounsel.com.

See you in court.
underwriter-ahm- melville

Bronx, NY

#2 Aug 1, 2007
I work in the 520 bldg, and I did not get the email nor was I told by security to pack up. but yes, the higher ups were in their offices most of the day, behind closed doors, telling us nothing. When they finally did call us together for a 2 minute meeting, we were told that 'things were looking promising'. wtf.......and to come back tomorrow for more of the same.
concerned employee

Mastic, NY

#3 Aug 1, 2007
underwriter-ahm-melville wrote:
I work in the 520 bldg, and I did not get the email nor was I told by security to pack up. but yes, the higher ups were in their offices most of the day, behind closed doors, telling us nothing. When they finally did call us together for a 2 minute meeting, we were told that 'things were looking promising'. wtf.......and to come back tomorrow for more of the same.
Why was this info not shared with the rest of the 520 building. No one has a clue what is going on. Even if this company survives I am still looking for another job. Not going to do this again.
O La-Beach

Dallas, TX

#4 Aug 1, 2007
When a company is run by Nepotism and greed this is always the end result. When workers rights are trampled and employees are fired for standing up for their rights by managers, who were promoted because of friends in high places; without any training or fortitude as to how to lead or manage, then this is the usual end result. Unfortunately the hardworking employees end up paying the ultimate price.
Annoyed

New Canaan, CT

#5 Aug 1, 2007
I also work in 520. Upper manangement just walked aorund all day with sad, knowing little smirks on their faces saying nothing to the "peons" (everyone else in the building). This just proves how poorly managed this company is from top to bottom. Seriously, how difficult would it have been to send out an email or gather us together to brief us? Even if there was no news to impart, they could've said SOMETHING....ANYTHING! So we'll all do it again tomorrow.
Anyone know where the auditors, the ones going through files in the lobby of 520 today, were from?
Promises

Augusta, ME

#6 Aug 1, 2007
I was an originator in a newly opened office.I was told about everything that AHM had to offer and that it was on it's way to being number one! After about 3 months of watching the stock drop, sales of 4 million shares of common stock and none of the promises made to me being fulfilled, I was contacted out of the blue by Wells Fargo. I made the jump 6 weeks ago and am sad to see what has happened to the people that were promised everything as I was and now they have to scramble. I love it at Wells and if you have the chance to go there, by all means, go! My best wishes to all of you. There are truly real companies out there that care for their employees and customers
AHM is DONE

Mchenry, IL

#7 Aug 1, 2007
Im going to clear out my office
AHM is DONE

Mchenry, IL

#8 Aug 1, 2007
AHM is DOne. I going to clear out my office
520 Pink Slip

Centereach, NY

#9 Aug 1, 2007
LOAN SALES MOVING TO TEXAS!!!!

http://tinyurl.com/26x79e

Guess that's what all the closed door meetings were about. YeeHaw!
NORCAL Sales

Loomis, CA

#10 Aug 1, 2007
Our office was acquired by AHM a little over a couple years ago. I have to say-we have a team in the western division that supports from the top on down, these guys were loan officers and knows what it takes to be in the field. It is sad to see a company that had the potential to make it to #1 lose everything in such a short time. Melville people-we are being told it is every division for themselves. So pack your bags!
Curb the rage

AOL

#11 Aug 1, 2007
I read these posts and I understand the anger & disappointment. I'm in the same boat as all of you in Melville. But in response to "Angry at 520", what exactly do you think upper management <can> tell us? Don't you realize we are a public company and they are negotiating the future of our existance? THINK before you react!! Do you really expect Strauss to send an e-mail to the 7500 employees telling us "IndiMac call me today, I'm going to ask them to buy us at 3pm. Tell you all the outcome after their visit...wish me luck!" Or "Hey everyone, I'm trying my best to save our company but it doesn't look good. I have 2 more investors to negotiate with later today and it looks promising, but I think we will close tomorrow anyway." THINK!!! I'm sure that the select group of exec's who are behind closed doors are negotiating with everything they have to save this company (and your job) because in the end, they have an infinite amount more to lose than you (ie. Strauss's $45 million personal loss Tuesday). NOBODY knows what is happening....it's the law and even if it wasn't, it would be stupid to make bold announcements on speculation. Whatever happens, happens. Let your dignity prevail because all 7500 including upper management and Strauss are in the same boat.
be strong move on

Pittsburg, CA

#12 Aug 1, 2007
do you really think management had a choice in telling us how our company was going down. If you were smart you would have read into th BS, watched the market and seached for a better opportunity before now.

success is in the numbers... and AHM numbers were reported down over 3 months ago... Did you get swept up in the media thinking the subprime would not trickel down to us, come on. choice product?... sisa to 100% give me a break.. move on get over it. we are not the first to go down. get smart, get off your pitty potty and find another job, don't bur your bridge, the founders of the company are good or you wouldn't have worked for the so long.
underwriter-ahm- melville

Bronx, NY

#13 Aug 2, 2007
520 Pink Slip wrote:
LOAN SALES MOVING TO TEXAS!!!!
http://tinyurl.com/26x79e
Guess that's what all the closed door meetings were about. YeeHaw!
that's been in the works long before this
CHJ

Brooklyn, NY

#14 Aug 2, 2007
There are still people loyal to management. How sweet. You do realize that Strauss sucked millions out of the company over the years? Check out the list of insider sales to see how your loyalty made other people rich while you work like a dog. BTW, they think you're brainless scum cause you're not rich like them.
gone

Morganton, NC

#17 Aug 3, 2007
SOMETHING SMELLS...HOW COULD SUCH "SAVVY" BUSINESSMEN HAVE THIS HAPPEN IN ONE TO TWO WEEKS WITHOUT KNOWING IT WAS COMING. THERE IS MORE TO THIS THAN JUST MARKET CONDITIONS.

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