American Home Mortgage cuts more jobs

American Home Mortgage cuts more jobs

There are 150 comments on the Newsday story from Jul 26, 2007, titled American Home Mortgage cuts more jobs. In it, Newsday reports that:

American Home Mortgage Investment Corp., the beleaguered Melville-based mortgage bank, has laid off another 228 employees, leaving the company with 7855 employees nationwide, a spokeswoman said Thursday.

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concerned buyer

Lexington, KY

#163 Aug 6, 2007
I closed a home with AHM on Wed. payed closing cost. This was an FHA loan - are there anyone/companies that want to HELP me out and take the loan straight to closing. I sold my place and we are supposed to be out by this weekend (Me, Wife, and 2 kids). We are without a home PLEASE HELP!!!

Seaside Heights, NJ

#164 Aug 10, 2007
520 Melville NY wrote:
In Melville building 520, everything started around 9:00 am.I never seen this before, one by one, line up for a short speech, short notice, and that was it, you're out. Today I was part of more than 65 lay off.Things are getting worse for whoever is left.
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Essex, MD

#165 Aug 22, 2007
Joseph Souffrant wrote:
I hope this company goes down in flames. I cannot stand this company. Upper Management has no idea what they are doing. Employee Relations is a joke, and I won't even begin to talk about the racism. If you're an investor, sell, sell, sell.... Never had a black VP....and less than 5 black managers... and this is a huuuuuuge company.... I won’t mention the name of the person but he asked how they are picking the people to lay off and Martin Genussa from HR could not answer this. It is not by seniority and it is not by work ethics, so what is it? if you're black, you're out? If you’re not on the VPs good side you're out? if you're too smart, you're out...
Andrew Valentine: how about, we'll pick the rest of your names out of a hat...
Don Pace: yes that sounds good; what a smart idea. I guess that's why we are VPs. call Martin to do the dirty work.. hahahaha
This company is a joke and I always new it would go down. They did not appreciate the good people and karma’s a Bit*&....
I was not one of the ones who got let go... I was previously let go because "we're merging your department Joe; with the guy who doesn’t like you department so we're going to give you a package and let you go"
I would like to know about the name Andrew Valentine. What are you referring to? This is the name of my Deed. Email me [email protected] Thanks
Shari Hunter

San Francisco, CA

#166 Aug 22, 2007
I would like to respond to the person who made this comment:
hmmmmmm wrote:
<quoted text>
That sucks eh? Maybe you should go to school and get an education...
My reply: I personally have an MBA and most of a PhD. I worked for American Home Mortgage for nearly four years (nearly 8 years as a mortgage banker, total). I loved and respected nearly all of my colleagues at American Home. We helped many homeowners, and saved the day for some. I understand the bitterness some people feel from financial distress, especially that involving one's home. I do think that we might all (within the industry and outside of it) show compassion to each other as we seek to find culprits for the current ills of our economy. Fairness, opportunity, financial wealth--these are not easily won. Let's all put our hearts and minds toward achieving them, for ourselves and for our customers. To each of you at American Home Mortgage, I wish you many blessings. And to those who think we should have sunk like a lead balloon, Blessings to you as well. Shari Hunter, Minnesota

Middletown, OH

#167 Aug 23, 2007
Damn I must say that you guys are a vicious group! No wonder they sent a group of a**holes from New York to try to run the Irving TX office. They are idiots too! I cannot believe that grown people put all of this personal on a chat line.....Damn worse than my teenager with My Space. The bottom line....and we ALL know that the owners of all of these mortgage companies got greedy as hell. WE knew that more than 50% of our borrower's did NOT make that stated income and DID NOT have the stated assets. BUT lenders were giving out homes to whoever had a pulse and now we are all paying. AND sorry NY I know as well as you probably do that they knew what the F was going on before they moved the servicing jobs to TX. AND the freakin retention plan SUCKS!!! The AVP's and VP's are sh*tty that they can't get no more money so they are screwing us. It will only be a matter of time before we are gone too.

United States

#168 Aug 24, 2007
We helped many homeowners, and saved the day for some

with all due respect, I find this very hard to believe. The retention department ar AHM refinaced loans, acting a brokers, or told people that they had spread their deliquent mortgage payment over a 3 to 6 month period. Mortgage payments they couldn't already afford.
That isn't helping.

I have researched this company exstensively over these last few weeks to help out a friend that got stuck in a 3/1 originated in 2004.

Bottom line: 30% of the porfolio was sold to reputable mortage companies. The balane were sold as mortgage backed securities with a promised return of 9.75%.

You guys sold paper with little future value and knew it. Or it ocurred because incompetent people were at the wheel, which is even worse.

If Strauss had been an hororable and honest man, he would have told the truth of what was coming down the pike. And if were a mortgage banker for 8 years, as you claim to be, then it should have been obvious to you that 3/1 tied to the LIBOR plus 3% was going to crush people. Their intentions to refinance were squashed because of the decline in the housing market making their LTV's to high.
No one expected this situation. However Strauss saw it coming 9 months ago and did nothing about it, including being responsible and alerting the investors that have now lost their shirts if he AHM isn't forced to buy back these loans.

If he had simply been honest and sold the loans to the companies that would have bought them with realistic expectations, these loans could have been modifed. Foreclosures and short sales avoided. And every one could go on with their lives without devistation.
And the employees at AHM would still have their jobs.
And the investors wouldn't be losing an average of $60,000- per foreclosed or short sold home.

And your so called good retention department only works with people that are in default. Good idea, ruin their credit so they are more stuck at AHM because they can't qualify for another loan for years having to establish credit.

Stop blowing smoke - the cat is out of the bag.

Phoenix, AZ

#169 Aug 26, 2007
Now I'm hearing rumors that Preferred Home Mortgage is having problems, or at least Dallas office. My friend got fired from there, or let go. I used to work for KHov in FL a few years back. I have a degree, yet the co-worker there took constant smoke breaks, stunk of weed, had nothing but a high school diploma and yet made more than I did. Woman called in sick constantly and took work home, people's private financial info mind you. Not too many good employees in this industry left, and after working with @ssclowns I see why places go under. I'm changing fields. Wish the best to all of you in finding new jobs though.

Chicago, IL

#170 Aug 27, 2007
7500 employees asleep at the wheel. Nice job. LOVE reading your dirty laundry!!!!!

New York, NY

#171 Aug 31, 2007
Attn: American Home Mortgage & all other L.O.'s who are experiencing their companies going out of business/cutting leads, etc.- We have a LONG TERM home for you! The industry is still good, you just have to be paired up with a company that knows how to adapt! We are opening up an division with not only the norm in loans but specializing in FHA leads.
Expanding National Mortgage Bank located throughout Long Island for over 20 years is HIRING! FHA endorsed lender and broker. The Market is in Turmoil and we are growing fast! We are looking to concentrate on FHA.
The following positions are now open in the Bronx/Brooklyn/Staten Island/Queens/Nassau NY Region:
Mortgage Loan Officers Wanted!
Originate profitable loans by providing our Mortgage Specialist with unique Products and Pricing along with Excellent Service and Training to satisfy the Homeowners’ specific needs.
We are in Search of Mortgage Loan Originators/Officers... Are you looking for a change and want to work in a family friendly atmosphere? Then you've found your new home.
Who We Are: Euro Mortgage Bankers is a major bank located in NY. We are continuing to build a successful track record of triple digit growth, and are presently hiring loan officers in the area of Queens/Bronx/Brooklyn, Staten Island, and Nassau areas. We have access to over 400 mortgage programs from A paper through Sub Prime/FHA. Euro Mortgage Bankers is still providing extraordinary growth opportunities for our sales force in 2007. Unprecedented sales opportunities are still abound at EMB, while we expand through our innovative marketing and sales approach. Euro Mortgage Bankers is a Licensed Mortgage Banker providing retail residential mortgages (FHA/HUD approved lender) and successfully growing with an innovative strategy in the current market.
Job Description: This is a full-time loan officer position at an innovative and fast growing Mortgage Banker. There is a great deal of earnings growth potential for employees.
We are looking for experienced Loan Officers with a book of business, but we will train the right candidate. We offer great lead sources and ways to build on your current contact base.
Applicants must have broad experience in the retail mortgage industry!
Minimum 3 years of experience with established referral base preferred. Highly qualified leads offered.
If necessary, we will provide FHA training in mortgage sales call production. Work with our experienced loan processing/underwriting team to obtain final loan approvals.
All employees have direct exposure to the CEO and other officers of the company.

Interviews will begin immediately, so please forward a resume to: [email protected]
We look forward to hearing from you soon at Euro Mortgage Bankers.

Scottsdale, AZ

#172 Sep 14, 2007
Preferred Home Mortgage is part of Newmark homes which was just bought out by rival Steve Wall homes. Maybe that Preferred Hm Mtg branch intends to close now, leaving only Houston, Austin and San Antonio open. Just my guess.

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