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ABC American Broker's Conduit Has Filed Chapter 11 Bankruptcy!!!!!!!

By Stephen C. Olczak

Mortgage and Lending with Mortgage Help

July 31, 2007 05:22 AM

ABC American Broker's Conduit, part of American Home Loans has ceased funding!!!!!!!!!!!!

Indymac is looking to possibly purchase ABC and could resume funding if a deal is made

This lender was an excellent source for the five year hybrid option arm that was a more conservative version of

the volatile MTA option arms that are obsolete at this time, as well as the usual products at competitive rates

This is one of our favorite lenders...see update below.

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Matthew J Blum - (retired from the business)

Palm Beach Gardens, FL

I have just been blasted by ever "A" and "ALT-A" lender saying they can take abc deals. Weird thing I went to the abc site and it says nothing.

Jul 31, 2007 05:25 AM

New Jersey Real Estate James Boyer Morris, Essex & Union County NJ Realtor

RE/MAX Properties Unlimited, Real Estate - Morristown, NJ

Not heard about this issue, but I had heard of the company. It is really looking like the shack out in the lending industry is only getting worse not almost over.

Jul 31, 2007 05:34 AM

Alan Mills - Creating Closer Communication

ACN - Spokane, WA

The company has just told us that we should take all current files and place them elsewhere.

The company is in the course of sale and they are not funding loans for the time being. That includes the loan we had sign yesterday to fund today!

Jul 31, 2007 05:40 AM

Anonymous

ben

does anyboody know where to send loans that where closed on wendsday but not funded due to recision option arm jumbo 55% ltv

Aug 01, 2007 12:34 AM

Anonymous

ben

has anyone heard if abc was bought out yet i have a loan waiting to fund

Aug 01, 2007 12:38 AM

Anonymous

Jeff

Send your loans to Aurora Loan Services, They have a 5 year fixed option arm and smoked ABC on the rate anyway.

Aug 02, 2007 01:37 AM

Anonymous

Tami

Sent your loans to First Horizon Home Loans

Aug 04, 2007 02:25 AM

Stephen C. Olczak

Mortgage Help - Fort Myers, FL

Jeff, thanks for the tip, I am going to check out Aurora. No word on the Indymac thing yet.

Aug 05, 2007 11:00 AM

Stephen C. Olczak

Mortgage Help - Fort Myers, FL

UPDATE: Monday August 6, ABC's parent American Home Mortgage filed for chapter 11 reorganization bankruptcy. AHM, specializing in alt A financing, and ranked #10 nationally is taking measures to maximize the value of assets to creditors. It is expected that the New York Stock Exchange will delist its shares. Ultimately there will be no shareholder value remaining.

Aug 06, 2007 03:45 AM

Anonymous

george Wager

Does anyone know where the loans that were funded by ABC went. I wrote to my servicing company AHMSI and asked for the noteholder and they sent me back a letter saying ABC but they are out of business. Who do I contact regarding finding out who the new noteholder is? HELP Thanks

May 26, 2009 10:30 AM

#10

Stephen C. Olczak

Mortgage Help - Fort Myers, FL

To all readers, unfortunately I have no CURRENT data on ABC. If anyone has relevant info please share! Thanks

Nov 30, 2009 03:23 AM

Anonymous

H.Gibson

My fiiend had a loan with ABC, asked to modify her loan as illness in the family has been a strain with her payments.

She has gleamed that her loan was bought by Deutshche National and they do NOT recognize any modifications nor help. Her home went into Short Sale, she has LOST HER HOME.

How can this be allowed to happen?

Sep 13, 2010 12:36 PM

#12

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