I have talked to my friends at American Home Mortgage. I guess Indy Mac has taken a lot of the branches out west and has "cherry picked" some of the other branches....
The Salt Lake Tribune said yesterday, that American Home Mortgage Investment Corp., which raised fears this week that it may become insolvent, has told employees that the company planned to shut its doors today. The closing points to the broadening of problems in the credit market to segments even above the sub-prime markets.
The company's 7,000 employees were told by managers Thursday that today will be their last day and that none of the company's strategic options for remaining open had panned out, the Long Island newspaper Newsday reported.
CEO Michael Strauss told the staff in an e-mailed memo obtained by Bloomberg News that ''conditions in both the secondary mortgage market, as well as the national real estate market, have deteriorated to the point that our business is no longer viable,''
I am disappointed, but this is my 4th post this week on this topic. Realtors need to know the financial viability of their preferred lenders. It doesn't matter how much they like them...ultimately their reputation is on the line.
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