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Bloomberg-Clip - (BLOOM-Clip)
Aug. 06, 2007. 08:00 AM EST
American Home Mortgage Files For Bankruptcy; Berkshire Doubled Investment in Mortgage-Backed Securities; Berkshire’s Cash Increases by $1 Billion to $47 Billion in 2Q; profit Jumps 33% on Insurance and Investment
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American Home Mortgage News Posts American Home Mortgage Videos Chapter 11 Bankruptcy
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Bloomberg-Clip - (BLOOM-Clip)
Aug. 06, 2007. 09:00 AM EST
Prices Fell in Secondary Market Where Traders Trade Mortgages, Since Bond Investors Didn’t Want Anything to Do With American Mortgage; Plan for Reorganizing Would Be Too Complicated at This Point for American Home
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American Home Mortgage News Posts American Home Mortgage Videos Chapter 11 Bankruptcy
Receives $50 Million Debtor-in-Possession Financing to Facilitate
the Chapter 11 Process
Engages Kroll Zolfo Cooper, Highly Experienced Management
Professionals In Bankruptcy Situations
MELVILLE, N.Y.–(BUSINESS WIRE)–Aug. 6, 2007–American Home Mortgage Investment Corp. (NYSE: AHM) today reported that its Board of Directors, after carefully assessing the sudden adverse impact on the Company’s liquidity and business from the extraordinary disruptions now occurring in the secondary mortgage and real estate markets, has authorized management to seek protection for the Company through the bankruptcy process in order to best preserve the value of the Company’s assets. Accordingly, American Home Mortgage Investment Corp., together with certain of its subsidiaries, has today filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. Under the protection of Chapter 11, American Home will have the time and opportunity to achieve the best possible value for the creditors of its mortgage based assets and related operations, as well as an orderly wind down of the Company.
American Home ceased taking mortgage applications on August 1, 2007 and separated all production employees on August 3, 2007. The Company is currently maintaining its thrift and servicing businesses.
Continue reading → American Home Mortgage News Posts Chapter 11 Bankruptcy