American Home Mortgage admits insolvency -

Full story: Newsday

In a move that sent shockwaves through the financial markets and left investors millions of dollars poorer, Melville-based American Home Mortgage Investment Corp.

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Fired Me

Plano, TX

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#1
Aug 1, 2007
 
Thats what Home Mortgage gets for financing 100% No income verification loans and bogus rural property loans. Got fired for asking questions week ago. Now whos laughing. Hopefully the Lawyers will ask to see the underwriting guidelines.
concerned buyer

Morehead, KY

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#2
Aug 1, 2007
 
Fired Me wrote:
Thats what Home Mortgage gets for financing 100% No income verification loans and bogus rural property loans. Got fired for asking questions week ago. Now whos laughing. Hopefully the Lawyers will ask to see the underwriting guidelines.
is this phil
AHM - SE

Columbia, SC

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#3
Aug 1, 2007
 
Fired Me is an idiot. The underwriting guidelines were designed based on what Wall Street was willing to buy. And if you haven't noticed, AHM was primarily an "A" and "Alt-A" lender.....one of MANY in the country. Your beef should be with Wall Street and the lending industry in general, not AHM.
shocked

AOL

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#4
Aug 1, 2007
 
AHM - SE wrote:
Fired Me is an idiot. The underwriting guidelines were designed based on what Wall Street was willing to buy. And if you haven't noticed, AHM was primarily an "A" and "Alt-A" lender.....one of MANY in the country. Your beef should be with Wall Street and the lending industry in general, not AHM.
I disagree....documents were altered and underwriters many times looked the other way or omitted documentation that would have denied the loan.
AHM - SE

Columbia, SC

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#5
Aug 2, 2007
 
Shocked --are you speaking as an employee or former employee? Or just an outsider who has no clue what it is like to work in a mortgage company? I have worked with AHM and the underwriters were professional and did their jobs. There were no rules being bent or docs omitted. AHM made loans that every other company was also making and at times, with tougher underwriting standards. I KNOW b/c I've worked at other companies as well. I still think your beef s/b with the industry and not with AHM. It is a childish person who kicks somone while they are down. The situation AHM is in is not AHM's fault.
Former Employee

AOL

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#6
Aug 3, 2007
 
The statements that advise that AHM is not at fault and that there was no material misrepresentaion are not accurate whatsoever. I was a long time employee working in the New York Corporate office in various roles throughout my 10 years with the company. I can tell you many closed loan files that were audited internally did not contain proper Underwriting documentation pursuant to AHM guidelines. When the branches responsible for generating these originated loans were asked to supply the missing documentation the answer we usually received was that the material was not available because it was never asked for from the borrower. Additionally, since when is it not responsible to not take responsiblity for your "problems?" AHM-SE is sounding like an irresponsible child at this point.
overit

Yucca Valley, CA

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#7
Aug 4, 2007
 
I have watched people in the mortgage industry make a killing on the backs of honest hard working people...the s#@% is hitting the fan and we have yet to see the full repurcussions
joepoli

AOL

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#8
Aug 5, 2007
 
I know someone who was given a mortgage on three houses in Florida without a job or any source of income. I am a retired insurance investigator. I feel there is massive fraud in the mortgage industry especially with brokers who skimmed fees off of closing costs and who had people flipping properties in places like Florida until the bottom dropped out.
Don MD

Lewes, DE

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#9
Aug 5, 2007
 
As a "customer" I can't really say that I didn't have to produce documentation for my home loan. It took forever and mounds of paper documentation to get the loan and my credit is great! Now I am in the middle of a construction loan and sit and wonder where the money to finish the house is coming from. No one in NY knew when I talked to them on Friday. Gee, wonder if they don't complete the contract do I still have to pay the portion that I borrowed???? Wouldn't it be great if I didn't! Or manybe some bright employee sat down and deleted files!
Another Former employee

Granby, CO

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#10
Aug 5, 2007
 
I can tell you I lost my job because I refused to sign off on a loans I knew that the borrower should not have the loans.
And I confronted a head underwriter with this and lost my job.
This happened within days.
Jan

Dallas, TX

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#11
Aug 6, 2007
 
If there are any loan officers looking for a job with an HONEST Broker, in the Dallas area, we are looking.
Mortgage Holder

AOL

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#12
Aug 6, 2007
 
I hope the president and all the crooked employee's go to jail.
They were the worst mortgage company on the face of the earth. We got reemed by a lender who didn't have a clue. We got stuck with a piece of SH_T Arm loan which was only locked for one month. Our interest rate is now 8.5%. They would not work with us to fix the mistake they made. I hope you all go to H_LL.
Former employee

United States

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#13
Aug 6, 2007
 
Mortgage holder - I dealt with dozens of customers like you every day in my time at AHM, and I'm sure you, like most others, were actually sold your mortgage by an independent broker and NOT an AHM employee. It's unfortunate, but not AHM's fault. Brokers are the dirt of the industry, and AHM wasn't the problem. That product is actually a great tool for the right customer.
jun y

Brooklyn, NY

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#14
Aug 6, 2007
 
wow
karma

Morehead, KY

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#15
Aug 6, 2007
 
Don MD wrote:
As a "customer" I can't really say that I didn't have to produce documentation for my home loan. It took forever and mounds of paper documentation to get the loan and my credit is great! Now I am in the middle of a construction loan and sit and wonder where the money to finish the house is coming from. No one in NY knew when I talked to them on Friday. Gee, wonder if they don't complete the contract do I still have to pay the portion that I borrowed???? Wouldn't it be great if I didn't! Or manybe some bright employee sat down and deleted files!
oh yeah they deleted some files where they took money from accounts for preapproval and this that and the other charges to get you approved if you have a deed or get one from a title company go file the damn thing and see if you can get something for free, good luck on funds to finish the bastards f***ed us all. sorry for your loss we can't find anyone willing to pick up this mess and we're out of a house with two kids.
former employee

United States

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#16
Aug 6, 2007
 
It is so unfair that we do not have benefits for the next 30 days. Poor management and lots of money being spent where it shouldn't have been spent. What really sucked is that ahm allowed customers to go to closings and sit at the closing tables for hours thinking the loans would be funded. What goes around sometimes comes around a lot sooner than what you think.
karma

Morehead, KY

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#17
Aug 6, 2007
 
Former employee wrote:
Mortgage holder - I dealt with dozens of customers like you every day in my time at AHM, and I'm sure you, like most others, were actually sold your mortgage by an independent broker and NOT an AHM employee. It's unfortunate, but not AHM's fault. Brokers are the dirt of the industry, and AHM wasn't the problem. That product is actually a great tool for the right customer.
wish they would have stayed through funding my loan that they approved I'm heartbroken over our house that was supposed to be funded, we even closed, signed docs and all. Now no house, no hope
Realtor

New Orleans, LA

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#18
Aug 7, 2007
 
I've dealt with AHM for several years and have found them to be nothing but professional. Ironically, I actually quit doing business with them for a period because of their over attention to detail.
ken y

Clearwater, FL

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#19
Aug 8, 2007
 
good article!
ken y

Clearwater, FL

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#20
Aug 8, 2007
 
good article

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