American Home Mortage closing tomorrow -

Full story: Newsday 153
American Home Mortgage Investment Corp. will be closing its doors Friday, after several attempts to sell of all or some of its divisions to rival lenders went up in smoke this week, numerous employees said. Full Story
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exahm

United States

#1 Aug 2, 2007
feel bad for those losing jobs.
former AHM Employee

Deer Park, NY

#2 Aug 2, 2007
what a shame
former AHM Customer

Chicago, IL

#4 Aug 2, 2007
Best wishes to all of the employees in their future endevors
Brad Lyons

Fort Wayne, IN

#5 Aug 2, 2007
My wife to be was working there and loved it, her office in Fort Wayne is just in tears over this. Most of their employees were with Waterfield Mortgage who went through closings just over a year ago.

NO WARNING, NO NOTHING!!! The CEO's of this company better rot in prison over their greed and stupidity! THEY HAVE COST THE LIVES OF THOUSANDS OVER THIS and did NOTHING FOR THEM IN THE END!
Allied Home Mortgage

United States

#6 Aug 2, 2007
I have a couple of buddies who work(ed) for AHM! This is a sad day when you have to be worried about companies with (supposed) bigger backing, shutting down with no real warnings!

I hope those L.O.s with loans that were not funded do the right thing and help their clients see it through...remember people do business with you, and not AHM!

Secondly, to those Great L.O.s out there, I wish you the best and speedy transition. Keep your head up!
LIer

Babylon, NY

#7 Aug 2, 2007
I bet the CEOs wasted all the money on themselves and their perks ...

Since: Apr 07

Lon Gisland

#8 Aug 2, 2007
I have a friend that works there. He's pushing retirement age, it's going to be hard for him to find another job.
Phil

New York, NY

#9 Aug 2, 2007
Looking from the out side in, AHM has no one to blame but themselves. All that fraud and firing the people who were the back bone of the compamny finally caught up to them. When you have people breaking there backs for you and working so long and hard that they dont get to see there own children, you dont repay them by firing them and giving them a shitty lil package to go home with. Thats just my thoughts. For those who did bust there ass and now are out of a job I am sorry to hear, and well there are always AHM's rivals that will now have extra work for ya
Mark- Scottsdale

Scottsdale, AZ

#10 Aug 2, 2007
...and just exactly WHEN did the CEO etc. unload all their stock/options?

"Accumulate debt and "fly it into the ground"...then walk away---it's the American way now.
LIer

Babylon, NY

#11 Aug 2, 2007
According to Wikipedia this now puts 7,400 people out of work. If each employee has a family thats easily 30,000+ people's lives ruined due to greed.
James Comer

United States

#12 Aug 2, 2007
Another one bites the dust
SEM

Houston, TX

#13 Aug 2, 2007
TRY SPELLING MORTGAGE CORRECTLY IN THE HEADLINE.
Pickr

Foxboro, MA

#14 Aug 2, 2007
Maybe the LIE around Exit 49s won't be so crowded in the morning. Hurray!
Rich

Elmsford, NY

#15 Aug 2, 2007
I believe the MLIM is doing the best job of documenting a very important metric of U.S. economic change of any site on the planet, but maybe only 1%(or less) of all readers can see it. It isn't even real estate-specific.

The question is...what is the key difference between a vast and dynamic manufacturing-based economy and a vast and dynamic service-based economy. My hypothesis is...the service-based economy is far more fluid and vulnerable to catastrophic change.

There has never, ever been a vast, dynamic service-dominated economy like the U.S. is today. We don't know how it functions. But I believe this type of economy creates and destroys jobs on demand, virtually overnight. If LEND and 7,000 jobs going POOF in a day don't demonstrate that, I don't know what does. I think mortgage lending is just the first of many service-oriented economies that will experience the same POOF effect, in sequence. In fact, it might be everyone except the lawyers.

How many jobs going POOF does 100+ busted mortgage companies represent? And how many of those jobs were destroyed overnight, with virtually no benefits? It's a whole new economic dynamic...and we're living it.
Disappointed at AHM

New York, NY

#16 Aug 2, 2007
I want to wish all of my former co-workers the best of luck. This took a lot of us by storm, and I hope you and your families the best.
I truly don't know who to blame here, and quite frankly at this point, it doesn't really matter. There are 7K plus people who are now out of work and need the support of the community. I wish nothing but the best for all you.
LO in Va

Silver Spring, MD

#17 Aug 2, 2007
It is a bit scary, but individuals, not companies or our government, created this problem, and until folks realize this, and begin instilling a sense of responsibility in our children and ourselves, we will be DOOMED to repeat these types of problems over and over. Remember, people APPLIED for these loans, some under fraudulent pretenses, hoping to cash in on the housing boom. That is just us regular folks...not some corporation, not the government.

If the folks that borrowed this money had paid it back ON TIME, there would be NO PROBLEMS.

Look in the mirror, cause we have seen the enemy, and he is US!

Best wishes to those that lost their jobs, and to those that are awaiting funding.

Mr. Strauss, I would work for you any time, any where, but really, Friday is the 3rd of August, not the 2nd.
written and approved by:
jryan@themtglink.com
Faust

Addison, TX

#18 Aug 2, 2007
Better sue fast before the founders can move that moeny overseas.
Richard Daresone

Somers, NY

#19 Aug 2, 2007
there's almost direct correlation between the dot com bubble burst and housing, both involved greed.
Wonderful

Fort Lee, NJ

#20 Aug 2, 2007
AHM top execs like pigs at the trough.

Here's hoping an investigation puts a fork in them, as in "they're done".
Steve MB somewhere in FL

Clearwater, FL

#21 Aug 2, 2007
It's sad to see AHM/ABC go under. Anybody in this business that wanted to make money on a Neg AM loan went to ABC. They did some mad crazy UW (4.25% qual rate, C/O refi's on properties off MLS for 1 day, 125% recast and my favorite no YSP hits for N/O/O's which made Countrywide and their +2.500 hit a nolo contendre). Unfortunately these loans turned rent for life borrowers into homeowners. A lot of other AltA lenders who had strong Neg Am products w loose UW standards are revising their programs as your reading this.(Greenpoint, Mortgage IT, National City, FNBA, etc etc,) sounds like it's time to go back to lets get married to the loan FHA/VA submissions. Could someone refresh my memory on how to do a Full Doc loan?

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