American Home files for bankruptcy, talks failed

Aug 6, 2007 Full story: Reuters

“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

Full Story
Linda

Holland, MI

#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?

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

American Home Mortgage Holdings Discussions

Title Updated Last By Comments
Help for jobless American Home Mortgage workers - (Aug '07) Oct '14 Mia 10
Class Action Suit filed against American Home M... (Aug '07) Sep '14 Chunchuna 349
House Judiciary Subcommittee on Regulatory Refo... Aug '14 S Forman 4
American Home Mortgage chief Michael Strauss ta... (Aug '07) Aug '14 Alice Broadhurst 40
American Home Mortgage chief Michael Strauss ta... (Aug '07) Jan '13 Former Direct Rep... 44
Woman fights American Home Mortgage in court - (Nov '07) Oct '12 libertyreverse 85
insurance check endorsement by AHMSI (May '12) May '12 alex 1
More from around the web