Distribution Strategy of American Home Mortgage
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. Founded in 1987 in New York City, the company became a publicly traded on NASDAQ in September 1999. The company moved its corporate headquarters to Melville, NY in 2000. Since its beginning as American Home Mortgage Holdings, Inc., it was engaged only in the origination and servicing of mortgages. Following its acquisition of Apex Mortgage Capital in December 2003, the Company became a REIT and changed its name to American Home Mortgage Investment Corp., the new parent company of American Home Mortgage and moved from NASDAQ to NYSE. The company has made numerous acquisitions since 1999 including Marina Mortgage of Irvine, CA, First Home Mortgage of Mt Prospect, IL, Columbia National of Columbia, MD, and retail branches from Principal Residential Mortgage, Waterfield Financial, Irwin Mortgage, and 86 Washington Mutual offices. In December 2004, the company moved its listing from NASDAQ to NYSE, under the new ticker symbol, AHM.
Distribution Strategy
The Company also announced today that it has filed a universal shelf registration statement on Form S-3 with the Securities and Exchange Commission for the possible future offer and sale, from time-to-time, of up to an aggregate of $761,875,000 of equity and/or debt securities, which includes $11,875,000 of equity and/or debt securities that remained available for issuance under the Company's prior shelf registration statement.
Although the Company has filed the registration statement with the Securities and Exchange Commission, it has not yet become effective. The securities covered by the registration statement may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes
effective. Any offerings of securities covered by the registration statement will be made only by means of a written prospectus and any prospectus supplements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Written copies of the base prospectus and, when available, any prospectus supplements may be obtained by contacting the underwriters for such offering. American Home Mortgage Investment Corp. is a mortgage REIT focused on earning net interest income from self-originated mortgage-backed securities, and through its taxable subsidiaries, from originating and servicing mortgage loans for institutional investors. Mortgages are originated through a network of loan production offices as well as through mortgage brokers and are serviced at the Company's Columbia, Maryland servicing center.
American Home Mortgage Investment Corporation (NYSE:AHM) increased its quarterly dividend policy to 96 cents per share, or $3.84 per share, on an annualized basis. The rise was attributed to the company's strong first quarter and its projected earnings for the balance of 2006. American Home Mortgage said it regained its financial footing during the first quarter. Earnings per share topped the consensus and revenue improved year-over-year by 42.2% to $233.1 million. The company's dividend yield is currently about 10.34%
American Home will pay $1.6 million in cash and receive American Mortgage's operations and work in process, including approximately $550 million of locked loan applications. The acquisition will be funded from current cash reserves, and is expected to close by the third quarter of 2003, pending regulatory approvals and other normal closing conditions.
American Mortgage is owned by American National Bank of DeKalb County, Illinois, and Bruce Madden, American Mortgage's chief executive officer. The company has approximately 250 employees and operates through three distribution channels. American Mortgage produced approximately $2.25 billion of loan volume in 2002. On completion of the acquisition, Madden will become a senior vice president at American Home.
American Home Mortgage Investment Corporation (Pink Sheets: AHMIQ) was the 10th largest retail mortgage lender in the United States and was structured as a real estate investment trust (REIT).
It has filed for bankruptcy.[1]. The company stated that it was focused on earning net interest income from self-originated loans and mortgage-backed securities, and through its taxable subsidiaries, from originating and servicing mortgage loans for institutional investors.
Mortgages were originated through the company's employees as well as through mortgage brokers and purchased from correspondent lenders and were serviced at the company's servicing center in Irving, Texas.
The company filed for Chapter 11 bankruptcy protection in Wilmington Delaware federal court, on August 6, 2007. The week before the filing, the company said that many of its lenders had demanded their money back, and that AHM was also unable to deliver on about US$ 800 million in commitments for housing loans, and had laid off nearly ninety percent of its 7,000 employees. Founded in 1987 in New York City, the company became a publicly traded on NASDAQ in September 1999. The company moved its corporate headquarters to Melville, NY in 2000. Since its beginning as American Home Mortgage Holdings, Inc., it was engaged only in the origination and servicing of mortgages. Following its acquisition of Apex Mortgage Capital in December 2003, the Company became a REIT and changed its name to American Home Mortgage Investment Corp., the new parent company of American Home Mortgage and moved from NASDAQ to NYSE. The company has made numerous acquisitions since 1999 including Marina Mortgage of Irvine, CA, First Home Mortgage of Mt Prospect, IL, Columbia National of Columbia, MD, and retail branches from Principal Residential Mortgage, Waterfield Financial, Irwin Mortgage, and 86 Washington Mutual offices. In December 2004, the company moved its listing from NASDAQ to NYSE, under the new ticker symbol, AHM.
Distribution Strategy
The Company also announced today that it has filed a universal shelf registration statement on Form S-3 with the Securities and Exchange Commission for the possible future offer and sale, from time-to-time, of up to an aggregate of $761,875,000 of equity and/or debt securities, which includes $11,875,000 of equity and/or debt securities that remained available for issuance under the Company's prior shelf registration statement.
Although the Company has filed the registration statement with the Securities and Exchange Commission, it has not yet become effective. The securities covered by the registration statement may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes
effective. Any offerings of securities covered by the registration statement will be made only by means of a written prospectus and any prospectus supplements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Written copies of the base prospectus and, when available, any prospectus supplements may be obtained by contacting the underwriters for such offering. American Home Mortgage Investment Corp. is a mortgage REIT focused on earning net interest income from self-originated mortgage-backed securities, and through its taxable subsidiaries, from originating and servicing mortgage loans for institutional investors. Mortgages are originated through a network of loan production offices as well as through mortgage brokers and are serviced at the Company's Columbia, Maryland servicing center.
American Home Mortgage Investment Corporation (NYSE:AHM) increased its quarterly dividend policy to 96 cents per share, or $3.84 per share, on an annualized basis. The rise was attributed to the company's strong first quarter and its projected earnings for the balance of 2006. American Home Mortgage said it regained its financial footing during the first quarter. Earnings per share topped the consensus and revenue improved year-over-year by 42.2% to $233.1 million. The company's dividend yield is currently about 10.34%
American Home will pay $1.6 million in cash and receive American Mortgage's operations and work in process, including approximately $550 million of locked loan applications. The acquisition will be funded from current cash reserves, and is expected to close by the third quarter of 2003, pending regulatory approvals and other normal closing conditions.
American Mortgage is owned by American National Bank of DeKalb County, Illinois, and Bruce Madden, American Mortgage's chief executive officer. The company has approximately 250 employees and operates through three distribution channels. American Mortgage produced approximately $2.25 billion of loan volume in 2002. On completion of the acquisition, Madden will become a senior vice president at American Home.
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