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Aug 3
Another one bites the dust…American Home Mortgage Shuts Down
Keisha Kidan August 3, 2007
Know More: mortgage, real estate news
Bankruptcy, mergers, closings.  Not particularly words you would think of when thinking of the real estate and mortgage industry.  Long held as an industry filled with longevity, it seems that recent law changes, and increased interest rates have many struggling to keep business going. 

Today, the 10th largest mortgage lender, American Home Mortgage announced it would be closing.  This huge mortgage lender, is said to be one of the biggest casualties of the current slowing housing market.  The workforce at this company at one time was close to 7,500 employees.  Those employees were responsible for almost 60 billion dollars in loans last year. The company will cut that down by 90% with 750 employees remaining through the bankruptcy filing and proceedings.  For more on this company, and it’s closing, click here .

2 Comments/Trackbacks




» *Good Monday Morning News* from PropertyMaven
Traditionally, mortgage lenders have little patience for borrowers in trouble.  In fact, you can take a look here, and see how specific states deal with borrowers facing foreclosure.  However, in light of the sheer turn facing the mortgage i... [Read More]

Tracked on: August 6, 2007 8:36 AM | Permalink to Trackback

» Don't Bankrupt Countrywide Just Yet! from PropertyMaven
It was recently rumored that the widely popular and successful Countrywide Home Loans is looking at bankruptcy.  Based on what I know about Countrywide, I’d say hold on to your hats, and wait this rumor out.  Though there are... [Read More]

Tracked on: August 17, 2007 8:27 AM | Permalink to Trackback

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