American Home Mortgage admits insolve...

American Home Mortgage admits insolvency -

There are 32 comments on the Newsday story from Aug 1, 2007, titled American Home Mortgage admits insolvency -. In it, Newsday reports that:

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

Join the discussion below, or Read more at Newsday.

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ABC Wholesale

Salt Lake City, UT

#21 Aug 8, 2007
Wow Realtor, just another example of how shady this business is, all the way down the line! You quit doing business with AHM because of their "over attention to detail" - this is just another way of saying they did their jobs and refused to let you pull the typical realtor "God Syndrome" crap most realtors pull - do this and do that or I walk! Good riddens to Realtors like you, you're the real shark, the AHM loan officers and staff are simply your pawns! Good luck in this market Sir, sounds like you're gonna need it, over attention to detail has become the NORM!
Philip Miller

AOL

#22 Aug 8, 2007
Does this not remind you of the telecommunications fallout versus the.com and why is anybody surprised try to sit down and figure out your your credit score. Take a dart and pick an agency. They all have different criteria in the meantime it affects the consumer remember the banks can create any market they want to from working or relationships with your developers all the way to the your County tax excesses office. We need to start lobby to protect the people from the companies and be able to run a check on them
nicnac49

New York, NY

#23 Aug 8, 2007
You know, it is funny...it takes a company like AHM to fall and now everyone is sitting up and taking notice on what has been happening in the industry for the past several years. AHM will not be the last mortgage company of it's type to close up shop and I can almost guarantee before years end, you will see other large mortgage companies start to fold if not fold completely. And also unfortunately, many will feel the effects of this...from the employees like me who lost their jobs, to the borrowers stuck at the closing table with no funds for closing, to the investors who bought the loans, etc...all down the line.

It's funny that it takes stuff like this to happen in industry before industry learns how to do business the right way.
nuttnyet

West Babylon, NY

#24 Aug 9, 2007
you ain't seen nothing yet. problem is not ahm's ethics or business practices. it is the price of real estate period. housing prices have grown 5-10 years faster then the general economy. people who did not get arms or sub prime mortgages and had good credit and were able to get good interest rates had to tighten there belts to do so. this caused many of them to take on tenants. early last year long island started to seriously crack down on these poor folks, that was 1 chunk of defaults. many were 2 income families and when 1 loses a job, there goes another chunk of defaults. many jobs are no longer providing any money toward health care causing people to have to pay for their own, even more defaults. lets not forget the hight heating and electricity costs for the last 2 years. the list goes on, every politician that comes up with another idea to grab just a little bit more of your money via taxes like when nassau counties new way of figuring out real estate taxes, most everyone is now paying more. last year while looking for a house I saw everything 450,000 and up. if these homes were not priced so high, all the other problems would not seem so bad and mortgages would be affordable. whats happening now I said would happen 2 years ago. and it is just getting started. the price of homes needed to be reset badly. it is dramatic but necessary. the real cause is the people who bought homes to flip driving the prices up and the mortgage industry giving these people the cushioning to do so. things will not smooth out until real estate prices drop 20% or so and it is well on it's way to happening. more people will be able to affoerd homes and keep them. I am not saying I want these home owners to loose money, I am just saying this is what I see coming. oh and the other thing that will happen soon is collage admissions will be going down because of the many tuitions that are paid via home equity loans....you ain't seen nuttnyet
Huntster

Mount Arlington, NJ

#25 Aug 9, 2007
Wow nuttnyet. Couldn't agree more with everything you said. I know people who bt $450,000 homes on under $100,000 combined income. Some under $75k.

Another big issue is all of the inflated home values of the last 5 years had people take out home equity loans and lines for their pools, kitchens and vacatons. Well, all the equity is gone for many of these and they owe another 50k-100k on another loan. People are stretched out here for sure.

The worst is not over.
Brian

Seaside Heights, NJ

#26 Aug 10, 2007
jun y wrote:
wow
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mike g

San Jose, CA

#27 Aug 15, 2007
shocked wrote:
<quoted text>
I disagree....documents were altered and underwriters many times looked the other way or omitted documentation that would have denied the loan.
i am looking for to hire underwriters that are that meet our terms and that can underwrite itin loans the job is in nj you can email at [email protected] .com and i do have jobs for loans officers aswell through out the us you can thank you for you time have a great day
mike g

San Jose, CA

#28 Aug 15, 2007
ps don't mind my spelling and gramer lol
looking for underwriter

San Jose, CA

#29 Aug 15, 2007
email me at [email protected] .com
xahm too

Bronx, NY

#30 Aug 15, 2007
mike g wrote:
<quoted text> i am looking for to hire underwriters that are that meet our terms and that can underwrite itin loans the job is in nj you can email at [email protected] .com and i do have jobs for loans officers aswell through out the us you can thank you for you time have a great day
Where in NJ??
molly

United States

#31 Jun 29, 2008
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!
We too have a construction loan with AHM and have been experiencing problems with getting draws on time due to the bk filed lst year. Also, as we are past our maturity term AHM is trying to push us to refi. Since we are in a documented envrionment it is difficult for some of us to do so being self employed, so I am wondering if anyone else is experiencing this problem and if any of you are being offered by AHM to continue servicing your loan. I am aware they are still servicing as they could not sell their portfolio?
molly

United States

#32 Jun 29, 2008
We too have a construction loan with AHM and have been experiencing problems with getting draws on time due to the bk filed lst year. Also, as we are past our maturity term AHM is trying to push us to refi. Since we are in a documented envrionment it is difficult for some of us to do so being self employed, so I am wondering if anyone else is experiencing this problem and if any of you are being offered by AHM to continue servicing your loan. I am aware they are still servicing as they could not sell their portfolio?

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