What does American Home Mortgage melt...

What does American Home Mortgage meltdown mean to you? -

There are 206 comments on the Newsday story from Aug 1, 2007, titled What does American Home Mortgage meltdown mean to you? -. In it, Newsday reports that:

The rapid meltdown of American Home Mortgage has left many people wondering about their mortgages or mortgage approvals with the Melville-based lender.

Join the discussion below, or Read more at Newsday.

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Tonia

United States

#1 Aug 1, 2007
Don't assume the worst until you know for sure...I'm told they will be fine with someone else picking them up and taking care of what needs to
Kristie

Grand Rapids, MI

#2 Aug 1, 2007
I was one of the one that was supposed to close on tuesday. We are going to close on Monday now with a different lender. Keep your fingers crossed.
wiw

United States

#3 Aug 1, 2007
I guess it means a decline in value of some Long Island homes.
Lisa

AOL

#4 Aug 1, 2007
I am an employee and I know they are doing all they can to get us back up and running! It is a great company trying it's best to make sure all the loans are placed elsewhere until this is resolved.
Oink Oink

Port Washington, NY

#5 Aug 1, 2007
It means AHM execs were pigs at the trough.
Perfect Tommy

Dumont, NJ

#6 Aug 1, 2007
You Kidding me?!! Go to another lender NOW!!
Scumbagio

Blauvelt, NY

#7 Aug 1, 2007
this is all the Image meisers fault. Too many cheeseburgers in the imaging room big guy. Next time go with the McNuggets or maybe a salad.
atak

Warwick, RI

#8 Aug 1, 2007
I think for the most part the info in the article is accurate. As for the part where it might be diifucult to find another lender it should be the responibility od your mortgage originator to find a new home (lender) for the loan.
atak

Warwick, RI

#9 Aug 1, 2007
Also I do alot of business with ABC the parent company of AHM. THey have been a great company to do business with. But I think it is going to be hard for them to get out of this mess. So i would take perfect tommys advice and go to another lender now. If anybody has any questions or needs a lender please feel free to email me at [email protected]
Frederick

Deland, FL

#10 Aug 1, 2007
I'm with National City Mortgage...if I can help with any of your clients...let me know!
Frederick

Deland, FL

#11 Aug 1, 2007
I'm with National City Mortgage...if I can help your client out - let me know!
Angry at 520

Flushing, NY

#12 Aug 1, 2007
So day 3 of this fiasco and still NO ONE in management has told the workers what is going on, or what to expect. They hide in their offices all day with the doors shut. We are forced to rely on news outlets for information about our livelihoods.

Around 1pm the security guard came around and told everyone to pack up their belongings, "It's over," he said. About 10 minutes later was the very first time we heard from anyone in management about our fate. The 520 building received a mass email from SVP Tim Neer's secretary saying that it was just a rumor and that we should unpack.

No word from anybody up top since then. They keep us in the dark like we were stockholders! But I'm not going to get mad. I'm going to get even.

I figure I can make some money as an "expert witness" in the upcoming class action lawsuits. I just want to return the gratitude that the AHM brass has shown me and my co-workers. I also want to make sure that justice is served, and that the guilty die in prison.

So article (ii) of the class action suit states:(ii) the Company was experiencing increasing difficulties in selling its loans and, therefore, was required to decrease prices, thereby reducing margins and profits.

Wait'll they find out that a good percentage of our woes came from old-fashioned cut & paste fraud. Can't get a borrower to sign a "corrected" TIL, just sign it yourself. Can't get a borrower to sign a 1003? Just sign that as well. Note incorrect? Cut and paste together one that the investor will buy.

This was a culture of corruption from top to bottom. With the pressure to sell loans coming from the top.

So, I don't know if I'm unemployed yet or not, no one wants to be straight-forward with us. But tell you what, I'm gonna be straight with the plantiff's lawyers.

Here's their info if anyone else wants in:
Glancy Binkow & Goldberg LLP. Please contact to obtain a copy of the Complaint by email at [email protected], or visit our website at http://www.glancylaw.com .

You are urged to contact Lewis Kahn, Managing Partner, KGS, via email at [email protected]

See you in court.
Concerned Employee

AOL

#13 Aug 1, 2007
Arethere any news on the layoffs. Is it happening or not?When I left a 5pm from 520 we had no clue if we were going to have jobs tomorrow. To many rumors and no one in managment talking to employees. Anyone know anything?
Jay Michels

Fort Wayne, IN

#14 Aug 1, 2007
American home mortgage may be representative of what exotic loans, such as option arms, are going to do people who marginally qualify for a home mortgage.
To Scumbagio

Bronx, NY

#15 Aug 1, 2007
What does imaging have to do with any of this? You obviously are just posting to be an a$$. I wonder if you have the balls to say that to the mans face. Probably not, right?
FUND OUR LOANS

United States

#16 Aug 1, 2007
I heard from my loan rep shortly before 5pm - he indicated that the retail section of the company should be fine as there is a investor and that I have a 90% chance of funding tomorrow, he said we will wait and see, if not I have a few lenders all ready to take my loan that should have funded yesterday. This already costs me personally another months of interest (FHA loans are calculated monthly). You employees hang tight, I know this is hard on you.
concerned buyer

Nicholasville, KY

#17 Aug 1, 2007
What happens if someone closes their home loan tomorrow! What happens then?
no news

Brooklyn, NY

#18 Aug 1, 2007
Concerned Employee wrote:
Arethere any news on the layoffs. Is it happening or not?When I left a 5pm from 520 we had no clue if we were going to have jobs tomorrow. To many rumors and no one in managment talking to employees. Anyone know anything?
Closed doors an dprivate meetings all day at 538 too! Its bogus! They don't let anyone whats going on......we will all know its too late!! Get out now! If they really had any regard for employees and their lives, they would be straight up! The only ones they care about is themselves. Get the resume together pronto!
riiiiiiiiiiiight

Brooklyn, NY

#19 Aug 1, 2007
Lisa wrote:
I am an employee and I know they are doing all they can to get us back up and running! It is a great company trying it's best to make sure all the loans are placed elsewhere until this is resolved.
Wake up honey! They don't care about you! After this pay period - you can forget it going forward.
wondering

Arlington Heights, IL

#20 Aug 1, 2007
As an ex employee I do believe in some people at the top. I am hoping for the best for the employees affected.
Lisa wrote:
I am an employee and I know they are doing all they can to get us back up and running! It is a great company trying it's best to make sure all the loans are placed elsewhere until this is resolved.

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