American Home Mortgage Investment Corporation (Pink Sheets: AHMIQ) was the 10th largest retail mortgage lender in the United States and was structured as a real estate investment trust (REIT).
It has filed for bankruptcy.[1]. The company stated that it was focused on earning net interest income from self-originated loans and mortgage-backed securities, and through its taxable subsidiaries, from originating and servicing mortgage loans for institutional investors.
Mortgages were originated through the company's employees as well as through mortgage brokers and purchased from correspondent lenders and were serviced at the company's servicing center in Irving, Texas.
The company filed for Chapter 11 bankruptcy protection in Wilmington Delaware federal court, on August 6, 2007. The week before the filing, the company said that many of its lenders had demanded their money back, and that AHM was also unable to deliver on about US$ 800 million in commitments for housing loans, and had laid off nearly ninety percent of its 7,000 employees.[2]
American Home Mortgage Investment Corp. (AHM Investment) is a mortgage real estate investment trust (REIT) engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. The Company also invests in securitized mortgage loans originated by others. Most of its portfolio consists of securitized adjustable-rate mortgage (ARM) loans, which are of prime and alternate A quality. AHM Investment primarily conducts its business in four principal segments: mortgage holdings, loan origination, loan servicing and banking. The mortgage holdings segment uses the Company’s equity capital and borrowed funds to invest in mortgage-backed securities and mortgage loans held for investment. The loan origination segment originates mortgage loans through the Company’s retail and wholesale loan production offices and its correspondent channel, as well as its direct-to-consumer channel supported by its call center. The loan servicing segment includes investments in mortgage servicing rights (MSRs), as well as servicing operations primarily for other financial institutions. The banking segment includes loans held for investment and deposits acquired in the Company’s acquisition of Flower Bank, fsb. In August 2007, the Company, together with certain of its subsidiaries, had filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court.
The Company acquired Flower Bank, fsb, of Chicago, Illinois, in October 2006. Flower Bank, fsb is a federally chartered savings bank. In February 2007, Flower Bank, fsb changed its name to American Home Bank. The Company’s mortgages are originated through a network of loan origination offices and mortgage brokers or are purchased from correspondents, and are serviced at the Company’s Irving, Texas servicing center. The Company conducts most of its investment activities, including loan origination for its own portfolio, directly or through its qualified REIT subsidiaries (QRSs). It conducts its businesses of originating loans for sale and servicing mortgages, as well as ancillary businesses, such as mortgage reinsurance, through its taxable REIT subsidiaries (TRSs). In addition, the Company’s TRSs operate its retail and mortgage broker acceptance branches, where it accepts mortgage applications from customers. American Home Mortgage Holdings, Inc. (AHM Holdings), a direct wholly owned subsidiary of AHM Investment, serves as the parent holding company for American Home Mortgage Corp. (AHM Corp.). American Home Mortgage Acceptance, Inc. (AHM Acceptance) is also a wholly owned subsidiary of AHM Investment. AHM Corp., together with AHM Acceptance and American Home Mortgage Servicing, Inc. (AHM Servicing), services the Company’s loans, as well as certain loans for third parties.
Mortgage Holdings Segment
The Company issues collateralized debt obligations (CDOs) with payment requirements that wholly or partially mirror the receipts from the Company’s loans. It also uses interest rate swaps to extend repurchase and other short-term borrowings. It invests in ARM and hybrid-ARM securitized loans. AHM Investment’s portfolio of mortgage loans and mortgage-backed securities are self-originated. The size of the Company’s leveraged portfolio of mortgage loans held for investment and mortgage-backed securities was approximately $15.6 billion as of December 31, 2006. Its mortgage-backed securities are funded through borrowings in the reverse repurchase market. Its loans held for investment are funded through reverse repurchase agreements and CDOs. The Company’s termed repurchase agreements generally have maturities ranging from 1 to 12 months.
Loan Origination Segment
The Company’s loan origination business originates the securitized loans, in which it invests, as well as additional loans that it sells, typically at a gain. During the year ended December 31, 2006, AHM Investment made loans to approximately 196,000 borrowers and its total originations were approximately $58.9 billion. The Company’s originations are sourced through its own sales force, as well as through mortgage brokers and loan correspondents. As of December 31, 2006, the Company conducted its lending through over 550 retail and wholesale loan production offices located in 47 states and the District of Columbia. During 2006, the Company’s origination business obtained approximately 55% of its originations from mortgage brokers through its wholesale loan production offices, and 35% of its originations through its retail loan production offices and Internet call center, while 10% of its originations were purchased from correspondents.
AHM Investment offers an array of mortgage products. In 2006, all of the loans made by the Company were secured by one- to four-family dwellings. Its mortgage product line includes ARM loans, conventional conforming fixed-rate loans, alternate A loans, jumbo fixed-rate loans, home equity or second mortgage loans, government fixed-rate loans, non-prime loans and construction loans. The ARM loan’s defining feature is a variable interest rate that fluctuates over the life of the loan, usually 30 years. The Company also offers ARM loans with a fixed period of three years, five years or 10 years. The conventional conforming fixed-rate loans conform to the underwriting standards established by Federal National Mortgage Association (Fannie Mae) or Federal Home Loan Mortgage Corporation (Freddie Mac). The Company offers Alternate A first lien mortgage loans, which consist primarily of first-lien mortgage loans made to borrowers whose credit is generally within typical Fannie Mae or Freddie Mac guidelines, but have loan characteristics that make them non-conforming under these guidelines. It offers jumbo loans with financing features, such as the pledging of security portfolios.
The Company offers home equity or second mortgage loans, which are generally secured by second liens on the related property. It offers government fixed-rate loans, which are mortgage loans that conform to the underwriting standards established by the Federal Housing Authority (FHA) or the Veterans Administration (V). The Company has been designated by the United States Department of Housing and Urban Development (HUD) as a direct endorser of loans insured by the FHA and as an automatic endorser of loans partially guaranteed by the VA, allowing it to offer FHA or VA mortgages to qualified borrowers. AHM Investment offers a variety of construction loans for owner-occupied, single-family residences. These loans are available on a rollover basis, meaning that the borrower can secure funding for the land purchase and construction of the home, then roll the financing over into a permanent mortgage loan. It also offers non-prime mortgage loans. With respect to mortgage loans that the Company originates but does not securitize, it typically seeks to sell those loans within 45 days of origination. The Company sells those loans to Fannie Mae, Freddie Mac, national banks, thrifts and smaller banks, securities dealers, REITs and other institutional loan buyers.
Loan Servicing Segment
AHM Investment’s servicing business is conducted through AHM Servicing. Loans are serviced primarily for the trusts of the Company’s securitizations and for Fannie Mae, Government National Mortgage Association (Ginnie Mae) and other third-party purchasers of its loans. Its servicing business collects mortgage payments, administers tax and insurance escrows, responds to borrower inquiries, and enables the Company to maintain control over its collection and default mitigation processes. As of December 31, 2006, AHM Servicing serviced approximately 197,000 loans with an aggregate principal amount of approximately $46.3 billion.
Banking Segment
The Company’s banking business is conducted through American Home Bank, which the Company acquired in October 2006. AH Bank will hold mortgages, consumer loans and securities as its primary assets, and fund its holdings through deposits, including escrow balances.
About the same time, the New York investment firm of Welsh, Carson, Anderson, and Stowe began considering mortgage servicing as a potential investment. According to Janet Reilley Hewitt in Mortgage Banking, "Nothing in particular triggered the interest other than the turmoil in the thrift industry." In addition, several partners at Welsh Carson had backgrounds in data processing and viewed mortgage servicing as a process that would allow them to increase their technology in this field. Thomas E. McInerney, general partner at Welsh Carson, noted in Mortgage Banking that American Residential's firm commitment to technology as an essential part of the business, as demonstrated in a state-of-the-art computer system, was an appealing aspect of the company. In May 1990, the senior management of American Residential and Welsh Carson bought American Residential from First Nationwide for an undisclosed price. Welsh Carson became the majority investor, and Robbins remained as president and CEO. According to McInerney in Mortgage Banking, Robbins and his managers continued to run the company; for his part, Robbins reflected that becoming an owner "tends to make decision making more conservative."
Following the buyout, American Residential faced some difficulties. First Nationwide had retained servicing rights to American Residential's loans, and Robbins noted in the San Diego Business Journal that the payroll was sometimes hard to meet. Low interest rates helped American Residential by boosting business. More significant, however, was the ability of the management team, most of whom had been together since the early days as an ISA subsidiary, to move American Residential productively through yet another transformation.
In November 1990, American Residential successfully negotiated a warehouse line (a credit line to fund originations) from six of the nation's largest banks. According to Mortgage Banking, American Residential faced quite a challenge: "In the midst of one of the worst credit crunches in recent history, in the midst of a significant housing slump, there probably could not have been a tougher time to be a new, independent, mortgage banking company looking for a warehouse line." Despite these difficult circumstances, six banks, including The First National Bank of Chicago and The Bank of New York, established a credit line of $270 million to fund originations for American Residential.
After securing funds for originations, American Residential turned to establishing a servicing portfolio to replace the one it lost when it was sold by First Nationwide. In April of 1991, the corporation entered into an agreement to purchase loan servicing contracts for $3.4 billion in loans from Resolution Trust Corporation (RTC), the savings and loan liquidator. Ironically, the loan servicing contracts of came from ISA, then under RTC conservatorship. As part of the arrangement, American Residential received contracts as well as 175 employees. The deal was implemented in several phases, continuing into 1992.
American Residential also won a contract to assist with RTC auctions of properties from the real estate portfolios of failed savings and loans to prequalified, targeted low- to middle-income households. In competitive bidding drawing more than three thousand applicants, American Residential was one of only two companies selected for national contracts. The company provides a range of functions for customers, including aiding the loan application process, prequalifying buyers, analyzing property, and coordinating the closing. In addition, American Residential counsels prospective home buyers on a number of issues regarding home ownership, including types of loans, insurance, taxes, the qualifying process, and the importance of maintaining a good credit history. American Residential's numerous regional branches enabled the corporation to provide staff in many of the cities in which auctions were held. Jim Gilcrest, executive vice president of American Residential, explained in the San Diego Daily Transcript that American Residential's involvement in this program reflected a long standing philosophy of the company, that of promoting home ownership among a wide range of consumers: "This is an exciting program that links business practicality with social purpose. We're proud to be part of a project team that will make the dream of homeownership a reality for thousands of Americans."
The year 1992 was remarkable for American Residential. Originations totaled $5.5 billion, up from $2.9 billion in 1991, while the company expanded its service portfolio to $9.7 billion. In addition, net income was increased by 49 percent.
American Residential planned an initial public offering (IPO) of its stock in March of 1992. Because a number of other IPOs were on the market at that time, however, the corporation delayed its stock offering until August. The sale raised more than $37 million, which was used to expand the company's mortgage origination capabilities and to acquire additional loan servicing portfolios. According to the company, nearly every employee of American Residential owned stock in 1992.
American Residential Mortgage Corporation, which sold additional shares of stock in early 1993, was poised to continue its growth through the 1990s, demonstrating several strengths. Having numerous offices across the country allowed American Residential to withstand regional slumps. Robbins was regarded as an innovative leader who spearheaded the idea for private ownership. And the management team, whose style and strategies have been praised in Mortgage Banking, have clearly weathered difficult changes in the past and seem ready to face challenges in the future.
OVERALL
Beta: 0.85
Market Cap (Mil.): $1.09
Shares Outstanding (Mil.): 54.28
Annual Dividend: --
Yield (%): --
FINANCIALS
AHMIQ.PK Industry Sector
P/E (TTM): 0.00 26.63 16.27
EPS (TTM): 9.78 -- --
ROI: 2.45 2.44 4.53
ROE: 20.69 18.71 9.12
Statistics:
Wholly Owned Subsidiary of American Residential Holding Corporation
Incorporated: 1983 as ICA Mortgage Corporation
Employees: 1,300
Sales: $5.50 billion
Stock Exchanges: NASDAQ
SICs: 6162 Mortgage Bankers and Loan Correspondents
Name Age Since Current Position
Strauss, Michael 48 1999 Chairman of the Board, President and Chief Executive Officer
Hozie, Stephen 48 2003 Chief Financial Officer, Executive Vice President
Henig, Donald 48 2004 President, Wholesale and Direct-to-Consumer Division
Manglardi, John 53 2003 President - Eastern Division
Loeffler, Richard 48 2005 Executive Vice President, Chief Administrative Officer
Cavaco, Chris 38 2003 Executive Vice President, Chief Information Officer
Horn, Alan 55 2003 Executive Vice President, General Counsel, Secretary
Pino, Craig 42 2006 Executive Vice President, Treasurer
Bernstein, Robert 41 2006 Executive Vice President, Controller
Kwaschyn, Dena 46 2003 Executive Vice President - Operations
Bergum, Ronald 45 2003 Executive Vice President - Western Division
Fiddler, Thomas 41 2003 Executive Vice President - Eastern Division
Douglas, Doug 59 2002 Executive Vice President - Business Processes
Johnson, Robert 34 2004 Executive Vice President - Capital Markets
Rosenblatt, Ronald 60 2004 Executive Vice President - Sales Support and Development
Friedman, David 55 2004 Executive Vice President and Director of Servicing
Heck, Kathleen 52 2004 Executive Vice President - Eastern Division
Schreiber, Lisa 46 Executive Vice President - Wholesale
Pishalski, Cedric 61 2005 Executive Vice President - Correspondent Lending
Crisanty, Al 45 2006 Executive Vice President, National Production Manager
Raffaeli, C. Cathleen 53 1999 Director
Marfino, Nicholas 51 2001 Director
McManus, Michael 67 2001 Director
Thau, Irving 70 2004 Director
Salovaara, Kristian 46 2006 Director
Address:
11119 North Torrey Pines Road
La Jolla, California 92037-1009
U.S.A.
It has filed for bankruptcy.[1]. The company stated that it was focused on earning net interest income from self-originated loans and mortgage-backed securities, and through its taxable subsidiaries, from originating and servicing mortgage loans for institutional investors.
Mortgages were originated through the company's employees as well as through mortgage brokers and purchased from correspondent lenders and were serviced at the company's servicing center in Irving, Texas.
The company filed for Chapter 11 bankruptcy protection in Wilmington Delaware federal court, on August 6, 2007. The week before the filing, the company said that many of its lenders had demanded their money back, and that AHM was also unable to deliver on about US$ 800 million in commitments for housing loans, and had laid off nearly ninety percent of its 7,000 employees.[2]
American Home Mortgage Investment Corp. (AHM Investment) is a mortgage real estate investment trust (REIT) engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. The Company also invests in securitized mortgage loans originated by others. Most of its portfolio consists of securitized adjustable-rate mortgage (ARM) loans, which are of prime and alternate A quality. AHM Investment primarily conducts its business in four principal segments: mortgage holdings, loan origination, loan servicing and banking. The mortgage holdings segment uses the Company’s equity capital and borrowed funds to invest in mortgage-backed securities and mortgage loans held for investment. The loan origination segment originates mortgage loans through the Company’s retail and wholesale loan production offices and its correspondent channel, as well as its direct-to-consumer channel supported by its call center. The loan servicing segment includes investments in mortgage servicing rights (MSRs), as well as servicing operations primarily for other financial institutions. The banking segment includes loans held for investment and deposits acquired in the Company’s acquisition of Flower Bank, fsb. In August 2007, the Company, together with certain of its subsidiaries, had filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court.
The Company acquired Flower Bank, fsb, of Chicago, Illinois, in October 2006. Flower Bank, fsb is a federally chartered savings bank. In February 2007, Flower Bank, fsb changed its name to American Home Bank. The Company’s mortgages are originated through a network of loan origination offices and mortgage brokers or are purchased from correspondents, and are serviced at the Company’s Irving, Texas servicing center. The Company conducts most of its investment activities, including loan origination for its own portfolio, directly or through its qualified REIT subsidiaries (QRSs). It conducts its businesses of originating loans for sale and servicing mortgages, as well as ancillary businesses, such as mortgage reinsurance, through its taxable REIT subsidiaries (TRSs). In addition, the Company’s TRSs operate its retail and mortgage broker acceptance branches, where it accepts mortgage applications from customers. American Home Mortgage Holdings, Inc. (AHM Holdings), a direct wholly owned subsidiary of AHM Investment, serves as the parent holding company for American Home Mortgage Corp. (AHM Corp.). American Home Mortgage Acceptance, Inc. (AHM Acceptance) is also a wholly owned subsidiary of AHM Investment. AHM Corp., together with AHM Acceptance and American Home Mortgage Servicing, Inc. (AHM Servicing), services the Company’s loans, as well as certain loans for third parties.
Mortgage Holdings Segment
The Company issues collateralized debt obligations (CDOs) with payment requirements that wholly or partially mirror the receipts from the Company’s loans. It also uses interest rate swaps to extend repurchase and other short-term borrowings. It invests in ARM and hybrid-ARM securitized loans. AHM Investment’s portfolio of mortgage loans and mortgage-backed securities are self-originated. The size of the Company’s leveraged portfolio of mortgage loans held for investment and mortgage-backed securities was approximately $15.6 billion as of December 31, 2006. Its mortgage-backed securities are funded through borrowings in the reverse repurchase market. Its loans held for investment are funded through reverse repurchase agreements and CDOs. The Company’s termed repurchase agreements generally have maturities ranging from 1 to 12 months.
Loan Origination Segment
The Company’s loan origination business originates the securitized loans, in which it invests, as well as additional loans that it sells, typically at a gain. During the year ended December 31, 2006, AHM Investment made loans to approximately 196,000 borrowers and its total originations were approximately $58.9 billion. The Company’s originations are sourced through its own sales force, as well as through mortgage brokers and loan correspondents. As of December 31, 2006, the Company conducted its lending through over 550 retail and wholesale loan production offices located in 47 states and the District of Columbia. During 2006, the Company’s origination business obtained approximately 55% of its originations from mortgage brokers through its wholesale loan production offices, and 35% of its originations through its retail loan production offices and Internet call center, while 10% of its originations were purchased from correspondents.
AHM Investment offers an array of mortgage products. In 2006, all of the loans made by the Company were secured by one- to four-family dwellings. Its mortgage product line includes ARM loans, conventional conforming fixed-rate loans, alternate A loans, jumbo fixed-rate loans, home equity or second mortgage loans, government fixed-rate loans, non-prime loans and construction loans. The ARM loan’s defining feature is a variable interest rate that fluctuates over the life of the loan, usually 30 years. The Company also offers ARM loans with a fixed period of three years, five years or 10 years. The conventional conforming fixed-rate loans conform to the underwriting standards established by Federal National Mortgage Association (Fannie Mae) or Federal Home Loan Mortgage Corporation (Freddie Mac). The Company offers Alternate A first lien mortgage loans, which consist primarily of first-lien mortgage loans made to borrowers whose credit is generally within typical Fannie Mae or Freddie Mac guidelines, but have loan characteristics that make them non-conforming under these guidelines. It offers jumbo loans with financing features, such as the pledging of security portfolios.
The Company offers home equity or second mortgage loans, which are generally secured by second liens on the related property. It offers government fixed-rate loans, which are mortgage loans that conform to the underwriting standards established by the Federal Housing Authority (FHA) or the Veterans Administration (V). The Company has been designated by the United States Department of Housing and Urban Development (HUD) as a direct endorser of loans insured by the FHA and as an automatic endorser of loans partially guaranteed by the VA, allowing it to offer FHA or VA mortgages to qualified borrowers. AHM Investment offers a variety of construction loans for owner-occupied, single-family residences. These loans are available on a rollover basis, meaning that the borrower can secure funding for the land purchase and construction of the home, then roll the financing over into a permanent mortgage loan. It also offers non-prime mortgage loans. With respect to mortgage loans that the Company originates but does not securitize, it typically seeks to sell those loans within 45 days of origination. The Company sells those loans to Fannie Mae, Freddie Mac, national banks, thrifts and smaller banks, securities dealers, REITs and other institutional loan buyers.
Loan Servicing Segment
AHM Investment’s servicing business is conducted through AHM Servicing. Loans are serviced primarily for the trusts of the Company’s securitizations and for Fannie Mae, Government National Mortgage Association (Ginnie Mae) and other third-party purchasers of its loans. Its servicing business collects mortgage payments, administers tax and insurance escrows, responds to borrower inquiries, and enables the Company to maintain control over its collection and default mitigation processes. As of December 31, 2006, AHM Servicing serviced approximately 197,000 loans with an aggregate principal amount of approximately $46.3 billion.
Banking Segment
The Company’s banking business is conducted through American Home Bank, which the Company acquired in October 2006. AH Bank will hold mortgages, consumer loans and securities as its primary assets, and fund its holdings through deposits, including escrow balances.
About the same time, the New York investment firm of Welsh, Carson, Anderson, and Stowe began considering mortgage servicing as a potential investment. According to Janet Reilley Hewitt in Mortgage Banking, "Nothing in particular triggered the interest other than the turmoil in the thrift industry." In addition, several partners at Welsh Carson had backgrounds in data processing and viewed mortgage servicing as a process that would allow them to increase their technology in this field. Thomas E. McInerney, general partner at Welsh Carson, noted in Mortgage Banking that American Residential's firm commitment to technology as an essential part of the business, as demonstrated in a state-of-the-art computer system, was an appealing aspect of the company. In May 1990, the senior management of American Residential and Welsh Carson bought American Residential from First Nationwide for an undisclosed price. Welsh Carson became the majority investor, and Robbins remained as president and CEO. According to McInerney in Mortgage Banking, Robbins and his managers continued to run the company; for his part, Robbins reflected that becoming an owner "tends to make decision making more conservative."
Following the buyout, American Residential faced some difficulties. First Nationwide had retained servicing rights to American Residential's loans, and Robbins noted in the San Diego Business Journal that the payroll was sometimes hard to meet. Low interest rates helped American Residential by boosting business. More significant, however, was the ability of the management team, most of whom had been together since the early days as an ISA subsidiary, to move American Residential productively through yet another transformation.
In November 1990, American Residential successfully negotiated a warehouse line (a credit line to fund originations) from six of the nation's largest banks. According to Mortgage Banking, American Residential faced quite a challenge: "In the midst of one of the worst credit crunches in recent history, in the midst of a significant housing slump, there probably could not have been a tougher time to be a new, independent, mortgage banking company looking for a warehouse line." Despite these difficult circumstances, six banks, including The First National Bank of Chicago and The Bank of New York, established a credit line of $270 million to fund originations for American Residential.
After securing funds for originations, American Residential turned to establishing a servicing portfolio to replace the one it lost when it was sold by First Nationwide. In April of 1991, the corporation entered into an agreement to purchase loan servicing contracts for $3.4 billion in loans from Resolution Trust Corporation (RTC), the savings and loan liquidator. Ironically, the loan servicing contracts of came from ISA, then under RTC conservatorship. As part of the arrangement, American Residential received contracts as well as 175 employees. The deal was implemented in several phases, continuing into 1992.
American Residential also won a contract to assist with RTC auctions of properties from the real estate portfolios of failed savings and loans to prequalified, targeted low- to middle-income households. In competitive bidding drawing more than three thousand applicants, American Residential was one of only two companies selected for national contracts. The company provides a range of functions for customers, including aiding the loan application process, prequalifying buyers, analyzing property, and coordinating the closing. In addition, American Residential counsels prospective home buyers on a number of issues regarding home ownership, including types of loans, insurance, taxes, the qualifying process, and the importance of maintaining a good credit history. American Residential's numerous regional branches enabled the corporation to provide staff in many of the cities in which auctions were held. Jim Gilcrest, executive vice president of American Residential, explained in the San Diego Daily Transcript that American Residential's involvement in this program reflected a long standing philosophy of the company, that of promoting home ownership among a wide range of consumers: "This is an exciting program that links business practicality with social purpose. We're proud to be part of a project team that will make the dream of homeownership a reality for thousands of Americans."
The year 1992 was remarkable for American Residential. Originations totaled $5.5 billion, up from $2.9 billion in 1991, while the company expanded its service portfolio to $9.7 billion. In addition, net income was increased by 49 percent.
American Residential planned an initial public offering (IPO) of its stock in March of 1992. Because a number of other IPOs were on the market at that time, however, the corporation delayed its stock offering until August. The sale raised more than $37 million, which was used to expand the company's mortgage origination capabilities and to acquire additional loan servicing portfolios. According to the company, nearly every employee of American Residential owned stock in 1992.
American Residential Mortgage Corporation, which sold additional shares of stock in early 1993, was poised to continue its growth through the 1990s, demonstrating several strengths. Having numerous offices across the country allowed American Residential to withstand regional slumps. Robbins was regarded as an innovative leader who spearheaded the idea for private ownership. And the management team, whose style and strategies have been praised in Mortgage Banking, have clearly weathered difficult changes in the past and seem ready to face challenges in the future.
OVERALL
Beta: 0.85
Market Cap (Mil.): $1.09
Shares Outstanding (Mil.): 54.28
Annual Dividend: --
Yield (%): --
FINANCIALS
AHMIQ.PK Industry Sector
P/E (TTM): 0.00 26.63 16.27
EPS (TTM): 9.78 -- --
ROI: 2.45 2.44 4.53
ROE: 20.69 18.71 9.12
Statistics:
Wholly Owned Subsidiary of American Residential Holding Corporation
Incorporated: 1983 as ICA Mortgage Corporation
Employees: 1,300
Sales: $5.50 billion
Stock Exchanges: NASDAQ
SICs: 6162 Mortgage Bankers and Loan Correspondents
Name Age Since Current Position
Strauss, Michael 48 1999 Chairman of the Board, President and Chief Executive Officer
Hozie, Stephen 48 2003 Chief Financial Officer, Executive Vice President
Henig, Donald 48 2004 President, Wholesale and Direct-to-Consumer Division
Manglardi, John 53 2003 President - Eastern Division
Loeffler, Richard 48 2005 Executive Vice President, Chief Administrative Officer
Cavaco, Chris 38 2003 Executive Vice President, Chief Information Officer
Horn, Alan 55 2003 Executive Vice President, General Counsel, Secretary
Pino, Craig 42 2006 Executive Vice President, Treasurer
Bernstein, Robert 41 2006 Executive Vice President, Controller
Kwaschyn, Dena 46 2003 Executive Vice President - Operations
Bergum, Ronald 45 2003 Executive Vice President - Western Division
Fiddler, Thomas 41 2003 Executive Vice President - Eastern Division
Douglas, Doug 59 2002 Executive Vice President - Business Processes
Johnson, Robert 34 2004 Executive Vice President - Capital Markets
Rosenblatt, Ronald 60 2004 Executive Vice President - Sales Support and Development
Friedman, David 55 2004 Executive Vice President and Director of Servicing
Heck, Kathleen 52 2004 Executive Vice President - Eastern Division
Schreiber, Lisa 46 Executive Vice President - Wholesale
Pishalski, Cedric 61 2005 Executive Vice President - Correspondent Lending
Crisanty, Al 45 2006 Executive Vice President, National Production Manager
Raffaeli, C. Cathleen 53 1999 Director
Marfino, Nicholas 51 2001 Director
McManus, Michael 67 2001 Director
Thau, Irving 70 2004 Director
Salovaara, Kristian 46 2006 Director
Address:
11119 North Torrey Pines Road
La Jolla, California 92037-1009
U.S.A.