netrashetty
Netra Shetty
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
CEO
Stuart Miller
3
Director
Donna Shalala
2
Director
Jeffrey Sonnenfeld
2
Director
Sherrill Hudson
3
Director
Steven Gerard
Director
Kirk Landon
Director
Irving Bolotin
2
Director
Sidney Lapidus
2
Director
Theron Gilliam
CFO
Bruce Gross
CIO
JN
COO
Jonathan Jaffe
Executive Vice President
RB
4
Eagle Home Mortgage
Gary Carlson
Lennar Ventures
DK
North American Title Group
LR
Universal American Mortgage
JT
Secretary & Legal
MS
Vice President
MA
8
Control
David Collins
Communications
KH
Land & Homebuilding
DL
Land & Homebuilding
JR
Land & Homebuilding
FR
Land & Homebuilding
SS
Tax
MP
Treasurer
DB
Bayer AG of Germany, one of the largest and oldest chemical and health care products companies in the world. Because of massive sales gains and increased activity overseas in the early 1980s, Bayer announced reorganization in 1984. Bayer had been successful with a conventional organizational structure that was departmentalized by function. However, in response to new conditions the company wanted to create a structure that would allow it to achieve three primary goals shift management control from the then West German parent company to its foreign divisions and subsidiaries; restructure its business divisions to more clearly define their duties; flatten the organization, or empower lower level managers to assume more responsibility, so that top executives would have more time to plan strategy (Burton and Obel, 1998; Knight, 1977). Bayer selected a relatively diverse matrix management format to pursue its goals. It delineated all of its business activities into six groups under an umbrella company called Bayer World. Within each of the six groups were several subgroups made up of product categories such as dyestuffs, fibers, or chemicals. Likewise, each of its administrative and service functions were regrouped under Bayer World into one of several functions, such as human resources, marketing, plant administration, or finance. Furthermore, top managers who had formally headed functional groups were given authority over separate geographic regions, which, like the product groups, were supported by and entwined with the functional groups. The net effect of the reorganization was that the original nine functional departments were broken down into 19 multidisciplinary, interconnected business groups. Bayer management lauded the new matrix structure as a resounding success (Kramer, 1994; Nissan, 1995). The functional areas will have personnel with varied skills, but those skills are grouped on their similarities. The people who have identical skills can be grouped easily and they can be placed in separate units and a aforesaid organizational structure is formed. The ultimate controlling authority coordinates with all levels which are commonly called the top management. When an organization handles a solitary product, the aforementioned functional organizational structure is most suited and most frequently used. In such as model, the purchasing function concentrates on purchase activities. Human Resources personnel handle the hiring, training, and firing activities. The accounting department takes care of financial activities. Manufacturing focuses on rolling out the finished product. The sales team takes the role of promoting the finished product in the marketplace. Marketing activities market the product with a long range goal of staying competitive in the market. The organizational structure with functional focus tries to allocate the available people according to their roles, forming what is referred to as a functional department. Each department usually has a department head with the title of department manager, or something similar.
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
CEO
Stuart Miller
3
Director
Donna Shalala
2
Director
Jeffrey Sonnenfeld
2
Director
Sherrill Hudson
3
Director
Steven Gerard
Director
Kirk Landon
Director
Irving Bolotin
2
Director
Sidney Lapidus
2
Director
Theron Gilliam
CFO
Bruce Gross
CIO
JN
COO
Jonathan Jaffe
Executive Vice President
RB
4
Eagle Home Mortgage
Gary Carlson
Lennar Ventures
DK
North American Title Group
LR
Universal American Mortgage
JT
Secretary & Legal
MS
Vice President
MA
8
Control
David Collins
Communications
KH
Land & Homebuilding
DL
Land & Homebuilding
JR
Land & Homebuilding
FR
Land & Homebuilding
SS
Tax
MP
Treasurer
DB
Bayer AG of Germany, one of the largest and oldest chemical and health care products companies in the world. Because of massive sales gains and increased activity overseas in the early 1980s, Bayer announced reorganization in 1984. Bayer had been successful with a conventional organizational structure that was departmentalized by function. However, in response to new conditions the company wanted to create a structure that would allow it to achieve three primary goals shift management control from the then West German parent company to its foreign divisions and subsidiaries; restructure its business divisions to more clearly define their duties; flatten the organization, or empower lower level managers to assume more responsibility, so that top executives would have more time to plan strategy (Burton and Obel, 1998; Knight, 1977). Bayer selected a relatively diverse matrix management format to pursue its goals. It delineated all of its business activities into six groups under an umbrella company called Bayer World. Within each of the six groups were several subgroups made up of product categories such as dyestuffs, fibers, or chemicals. Likewise, each of its administrative and service functions were regrouped under Bayer World into one of several functions, such as human resources, marketing, plant administration, or finance. Furthermore, top managers who had formally headed functional groups were given authority over separate geographic regions, which, like the product groups, were supported by and entwined with the functional groups. The net effect of the reorganization was that the original nine functional departments were broken down into 19 multidisciplinary, interconnected business groups. Bayer management lauded the new matrix structure as a resounding success (Kramer, 1994; Nissan, 1995). The functional areas will have personnel with varied skills, but those skills are grouped on their similarities. The people who have identical skills can be grouped easily and they can be placed in separate units and a aforesaid organizational structure is formed. The ultimate controlling authority coordinates with all levels which are commonly called the top management. When an organization handles a solitary product, the aforementioned functional organizational structure is most suited and most frequently used. In such as model, the purchasing function concentrates on purchase activities. Human Resources personnel handle the hiring, training, and firing activities. The accounting department takes care of financial activities. Manufacturing focuses on rolling out the finished product. The sales team takes the role of promoting the finished product in the marketplace. Marketing activities market the product with a long range goal of staying competitive in the market. The organizational structure with functional focus tries to allocate the available people according to their roles, forming what is referred to as a functional department. Each department usually has a department head with the title of department manager, or something similar.
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