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.
Are you feeling helpless, that you're getting no help or answers from AHMSI no matter what you do?? Citi Residential sold our mortgage to AHMSI in 02/'09. Since then they've processed my payments for 3 months that I've mailed with homemade statements, because they refuse to honor my request to send them each month, and they've with no explanation whatsover placed everything in "suspense" and am not reflecting anything being applied to prin., escrow, etc. when I check my account online, yet they have my money!
I've never received a change in monthly payment amount via phone call or USPS, so I simply have no choice to send them what my payment's always been/was with my prior mortgage holder, and now I'm fearing they may be trying to somehow not credit my account as it should be, possibly try to assess some type of hidden fees and/or try to somehow make it so I'm unable to make a possible change in payment on a fixed note I have, and worse of all, somehow try to foreclose on my home without prior notice or explanation!
For 3 months, I've tried calling, writing, and there's nothing I'm able to do on my own about it but fail! It's like they don't care one bit about anything, so long as they get their money! So, for all of you facing similar problems and/or other issues here's what I've done and suggest you do the same.
We have to band together and take matters into our own hands, if we truly want to stop these unethical business tacticts. If you're unsure of how to contact anyone below, simply do some online research and/or place phone calls to obtain the correct contact information. After 3 months of getting absolutely nowhere with AHMSI and getting nowhere here's what I've done and suggest you do the same:
1. Filed a complaint with my local Attorney General's Office.
2. Filed a complaint with the BBB.
3. Contacted Christine Sullivan (YES! AN AMERICAN for AHMSI) @ [email protected]
4. Filed a complaint with the FTC (Federal Trade Commission)
5. In the process of filing a complaint with HUD (check your local office for contact info. by websearch)
6. Submitted a news tip to Anderson Cooper & Ali Veshi @ www.cnn.com
7. Obtained my local media contact info. in the event AHMSI refuses to resolve my account issues within 2 weeks.
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.[3]
On July 31, 2007, the company announced that it can no longer fund home loans and may liquidate assets, putting its survival in doubt. The Melville, New York-based real estate investment trust retained Milestone Advisors and Lazard to help it evaluate options and advise "with respect to the sourcing of additional liquidity including the orderly liquidation of its assets." [4] American Home's announcement shows how concerns about credit quality and homeowner defaults have spread beyond subprime lenders, which lend to people with weaker credit, to lenders that make higher-quality loans. This announcement caused its stock price to plunge 90% that day to $1.04 on the NYSE. "The chances are pretty high that the company either goes bankrupt or materially restructures, leaving little value for shareholders," said Bose George, an analyst at Keefe, Bruyette & Woods Inc. in New York. American Home has specialized in prime and near-prime loans. It has, however, made many loans that allow borrowers to produce little documentation of income or assets. It recently commanded about 2.5 percent of the U.S. mortgage market.
It has filed for bankruptcy.[1]. The company stated that it was focused on earning net interest income from self-originated loans and mortgage-backed securities, and through its taxable subsidiaries, from originating and servicing mortgage loans for institutional investors.
Mortgages were originated through the company's employees as well as through mortgage brokers and purchased from correspondent lenders and were serviced at the company's servicing center in Irving, Texas.
The company filed for Chapter 11 bankruptcy protection in Wilmington Delaware federal court, on August 6, 2007. The week before the filing, the company said that many of its lenders had demanded their money back, and that AHM was also unable to deliver on about US$ 800 million in commitments for housing loans, and had laid off nearly ninety percent of its 7,000 employees.
Are you feeling helpless, that you're getting no help or answers from AHMSI no matter what you do?? Citi Residential sold our mortgage to AHMSI in 02/'09. Since then they've processed my payments for 3 months that I've mailed with homemade statements, because they refuse to honor my request to send them each month, and they've with no explanation whatsover placed everything in "suspense" and am not reflecting anything being applied to prin., escrow, etc. when I check my account online, yet they have my money!
I've never received a change in monthly payment amount via phone call or USPS, so I simply have no choice to send them what my payment's always been/was with my prior mortgage holder, and now I'm fearing they may be trying to somehow not credit my account as it should be, possibly try to assess some type of hidden fees and/or try to somehow make it so I'm unable to make a possible change in payment on a fixed note I have, and worse of all, somehow try to foreclose on my home without prior notice or explanation!
For 3 months, I've tried calling, writing, and there's nothing I'm able to do on my own about it but fail! It's like they don't care one bit about anything, so long as they get their money! So, for all of you facing similar problems and/or other issues here's what I've done and suggest you do the same.
We have to band together and take matters into our own hands, if we truly want to stop these unethical business tacticts. If you're unsure of how to contact anyone below, simply do some online research and/or place phone calls to obtain the correct contact information. After 3 months of getting absolutely nowhere with AHMSI and getting nowhere here's what I've done and suggest you do the same:
1. Filed a complaint with my local Attorney General's Office.
2. Filed a complaint with the BBB.
3. Contacted Christine Sullivan (YES! AN AMERICAN for AHMSI) @ [email protected]
4. Filed a complaint with the FTC (Federal Trade Commission)
5. In the process of filing a complaint with HUD (check your local office for contact info. by websearch)
6. Submitted a news tip to Anderson Cooper & Ali Veshi @ www.cnn.com
7. Obtained my local media contact info. in the event AHMSI refuses to resolve my account issues within 2 weeks.
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.[3]
On July 31, 2007, the company announced that it can no longer fund home loans and may liquidate assets, putting its survival in doubt. The Melville, New York-based real estate investment trust retained Milestone Advisors and Lazard to help it evaluate options and advise "with respect to the sourcing of additional liquidity including the orderly liquidation of its assets." [4] American Home's announcement shows how concerns about credit quality and homeowner defaults have spread beyond subprime lenders, which lend to people with weaker credit, to lenders that make higher-quality loans. This announcement caused its stock price to plunge 90% that day to $1.04 on the NYSE. "The chances are pretty high that the company either goes bankrupt or materially restructures, leaving little value for shareholders," said Bose George, an analyst at Keefe, Bruyette & Woods Inc. in New York. American Home has specialized in prime and near-prime loans. It has, however, made many loans that allow borrowers to produce little documentation of income or assets. It recently commanded about 2.5 percent of the U.S. mortgage market.