American Home Mortgage says it needs a 'crisis' PR firm -

Full story: Newsday

Creditors are angry over a request by American Home Mortgage Holdings to hire a PR firm, accusing the bankrupt Melville lender of trying to put its "best face forward .
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1 - 20 of 31 Comments Last updated Oct 9, 2007
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Fort Lee, NJ

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#3
Aug 30, 2007
 
AHM needs to get a clue and a good SEC and class action lawyer.
Bella

Port Jefferson Station, NY

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#4
Aug 30, 2007
 
They must be kidding!!!They are making
themselves look worse as the days go by.
Former AHM Emp

New York, NY

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#5
Aug 30, 2007
 
I just want my vacation pay....Instead of this nonsense, pay the employees what they deserve. What an absolute disgrace.
Hire Me

New Rochelle, NY

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#6
Aug 30, 2007
 
"Joseph Kuo, a Kekst spokesman for American Home, declined to say what had happened in the day's bankruptcy hearings and also declined to comment on the brouhaha over its role."

Way to earn your $875.00 per hour, Mr. Kuo.
Orlando FL

Winter Park, FL

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#7
Aug 30, 2007
 
Good luck getting paid. I have worked for two imploded lenders, and have seen no pay from either of them.
Just don't expect anything.
former ahm employee 2

Bay Shore, NY

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#8
Aug 30, 2007
 
I would like the vacation time owed to me as well. Also it has come to my attention that AHM had know since January of this year that that were heading towards bankruptcy as a number of us were made aware of this by someone who worked closely with executive management. They sould not have waited for 24 hours prior to the closing of AHM to notify their employees.
ahm no more

AOL

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#9
Aug 30, 2007
 
As some of you might know already is that by law the company must inform employees 60 days in advance that the company will go under. Also management promised us that we would receive or vacation pay. As of today no one has received it. To make it worse is that the employees that are still working are getting paid dble time. All we want is what was promised to us.
Bella

Port Jefferson Station, NY

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#10
Aug 31, 2007
 
ahm no more wrote:
As some of you might know already is that by law the company must inform employees 60 days in advance that the company will go under. Also management promised us that we would receive or vacation pay. As of today no one has received it. To make it worse is that the employees that are still working are getting paid dble time. All we want is what was promised to us.
I can tell you that they are NOT getting paid double salary. The judge
did not even approve the 40% increase
in salary as an incentive to stay on
through the bankruptcy proceedings.
former 520-er

Hampton Bays, NY

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#11
Aug 31, 2007
 
To get vacation pay, we must file a petition with the bankruptcy court. I'm not sure yet how to do that.
AJ IRONDOG

Middle Island, NY

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#12
Aug 31, 2007
 
What AHM has done to their loyal employees turns out to be a classic travesty of justice. There are literally thousands of former loyal employees across the nation who were left up the perverbial tree in regard to medical coverage and other benefits such as unused vacation pay that was cut off as of August 3,2007. Where is it right for the remaining employess helping in the final liquidation process to receive an additional 40 % bonus ,along with their regular pay while thousands of other former hardworking, dedicated employees face the double edge sword of no further medical benefits and much higher COBRA premiums for themselves and their families? Where is it right to to not pay the former employees their unused hours of vacation pay that was already earned for 2007.The upper mgmt. team is still aiding in the liquidation cleanup and still receiving their salary. Why shoud I feel sorry for poor Mr. Strauss who had to cash in $3.5 million dollars to help make his personal ends meet. There were thousands of dedicated former employess who did not receive a dime after the final last 3 days pay was issued. Gordon Gekko would be proud !
Cheated appraiser

Hayden, AL

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#13
Aug 31, 2007
 
I have two checks for appraisal fees that were returned to me for NSF. These checks were deposited prior to the bankruptcy filing and now they do this. Wonderful. This was money AHM & Homegate collected from the borrower and were legally bound to pass on to the provider, namely, me. Makes me feel even better about the RESPA complaint I filed with HUD. I lookd forward to seeing the CEO, the CFO and maybe some others share some late night quality cell time with Ray-Ray and J-Dog.
Nothing New

AOL

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#14
Aug 31, 2007
 
I Totally agree - why should the Judge approved retention bonus for those that stayed on - they still have benefits and that's an incentive. There is 6000+ without benefits, Did you people check the price for COBRA, your unemployement money cannot cover your bills and COBRA at the same time. Now what I would like to know is who made the decision at to who should remain? Was that a fair decision or what it "FRIENDS" again decision or is it that seniority or experience does not exist in AHM. I do not think that some that remained had a platora of knowledge as to what cleaning up means I heard that they were just sitting around trying to sell loans, what loans? AHM lost their license, or were they just there so they can earn another months pay with benefits
Why should anyone fell sorry at this time. We all got screwed out of our vacation pay and also 60 days pay, the bankruptcy was filed on 8/7/07 and not on 8/3/07. Any Labor Attorney can advice on this.
What needs to be done, I hope that Judge Sontchi would grant the permission for the 6000+ employees to be paid their vacation and even the 60 days pay as required in WARN ACT and so we all can move on with our lives and forget about Mike Strauss and AHM.
I am angry with Mike Strauss for letting this happening to good people who have families and whose lives were interupted, all because of GREED, now look where it got us all. OUT OF A JOB, it pays not to be a dedicated and loyal employee anymore, work 9 to 5 and go home that's my new resolution going forward.
CORRUPT BUSINESS

San Francisco, CA

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#16
Aug 31, 2007
 
Your industry is as crooked as GW Bush and his cronies. You lent money to people who you knew could not pay the interest payments. Collecting all those fee's you knew that you would get the house back if they defaulted. If the country and its people were not so corrupt this would never have happened. I can only hope no one can sell there house for five years at least. So that everyone learns there lessons of greed and corruption.
MARY LOU

Yonkers, NY

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#17
Aug 31, 2007
 
I an attempt to get vacation pay owed to former employees a claim must be filed. Go to the AHM website & click on former employee. Follow directions to file claim.
Pete the Genius

Woods Cross, UT

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#18
Aug 31, 2007
 
All I want is for them to let me back into my office so I can get a package of rubbers I left in my desk...
Ronnie

Port Jefferson Station, NY

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#19
Aug 31, 2007
 
If someone was denied a mortgage from
a bank, wouldn't they suspect something was wrong when they receive
an offer from AHM. It should be a
signal that something is wrong. How is it a surprise when foreclosure is
in view when they never qualified to
begin with.
ahmer still there

Brooklyn, NY

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#20
Sep 1, 2007
 
No one who was let go has even received COBRA packages. Overtime and severance was not paid out last pay period which is against the law. You ask questions you get double talk. Yet all the executives who were retained are getting paid to talk to headhunters on company time. They all got bonuses in March and now want more money. Their travel paid to go back and forth to their out of state homes. Plus all the suits hired, Kekst, Cadwalader, Kroll, Milestone, to bail them out of this. That's money that could have gone to employees. Strauss still has two drivers of the three he originally had. Why is he even coming to the office any more. Those of us left here doing the dirty work and aren't even paid properly.
Nothing New

AOL

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#21
Sep 1, 2007
 
ahmer still there wrote:
No one who was let go has even received COBRA packages. Overtime and severance was not paid out last pay period which is against the law. You ask questions you get double talk. Yet all the executives who were retained are getting paid to talk to headhunters on company time. They all got bonuses in March and now want more money. Their travel paid to go back and forth to their out of state homes. Plus all the suits hired, Kekst, Cadwalader, Kroll, Milestone, to bail them out of this. That's money that could have gone to employees. Strauss still has two drivers of the three he originally had. Why is he even coming to the office any more. Those of us left here doing the dirty work and aren't even paid properly.
Hi,
I got my COBRA and have to pay $586.00 monthly out of my pocket, how am I supposed to survive on unemployment and a mortgage to pay and all the other bills to survive. Mike Strauss should not have drivers, this is a luxury still allowed to him who filed bankruptcy, how can that be fair to 7000+ employees without jobs, no severance, an even what was rightfully earned VACATION PAY. I hope Judge Sontchi is aware of this. I have no sympathy for you Mike Strauss, I had respected you while working for you but now I have no respect for you because of what your have subjected your employees to.
figure it out

Brooklyn, NY

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#22
Sep 2, 2007
 
They don't give a hoot as long as they get theirs - don't you folks understand that yet? Your family means nothing to them. Their opinion of your plight is to shrug. They are immoral and selfish. Period. You served your purpose - you made them scads of money - and now you mean nothing to them. Time to move on and remember not to be like them - they are the types that make the world a worse place. Be the kind of person who makes the world a better place.
Anna

United States

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#24
Sep 3, 2007
 
Guys,
I have a question I am hoping you can answer for me.
Why did AHM modify the ARM rates to current market rates to salvage the defaulted loans?
From a logical stance it seems like their stance is/was, pay us 9% or nothing. The investors would rather loose 90% of their investment than to keep 70% to teach you all a lesson for getting into these ARM programs.
It just doesn't make sense to me.
So many people that had good credit couldn't refi out of these loans, as planned, because the real estate took an unpredicted tumble.
They are blaming the borrowers for something that Bear and Streans couldn't predict, who invested billions in these mortgage backed securities. The so called experts didn't see it coming.
AHM tells borrowers that they can add 30% of the mortgage payment they already can't make becuase it has increased 50% to help them out, resulting in an 80% increase. And still ding their credit.
This is moronic -

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