American Home files for bankruptcy, talks failed
“It's our initial foray into subprime.”
By Joseph A. Giannone
NEW YORK (Reuters) - American Home Mortgage Investment Corp. filed for Chapter 11 bankruptcy protection after a tumultuous week in the debt markets brought a once-thriving business to its knees.
The filing also came after around-the-clock talks last week with at least four potential buyers fell through, American Home Chief Executive Michael Strauss said in a court filing.
The Melville, New York-based real estate investment trust, one of the largest independent U.S. home loan providers, filed for protection from creditors with the U.S. Bankruptcy Court in Delaware. The move followed its decision Friday to shut down the lending business, while American Home's banks put the squeeze on its credit lines. Read more
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#1 Aug 7, 2007
It is unfortunate for such a real estate giant as American Homes, but look at the "little person" who is really trying to make things work and end up in bankruptcy - where do they go?
American Homes no doubt will come back, what about those who can't?
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