American Home Mortgage - Involutary exit of real estate lending??????

MortgageDaily.com says that American Home Mortgage is facing liquidation.  Newsday.com says that AHM admits insolvency. 

Newsday.com says "In a move that sent shockwaves through the financial markets and left investors millions of dollars poorer, Melville-based American Home Mortgage Investment Corp. announced yesterday that it lacked the money to pay its lenders or the credit lines to pay its borrowers.

It was the largest mortgage bank to face bankruptcy in a year of bad news for the mortgage industry, and the news that problems were not confined to high-risk lenders helped turn an early stock rally into a 147-point drop for the Dow Jones industrial average.

 The effects of American Home's insolvency are far-reaching. The company's 7,627 employees -- including about 1,460 in Melville -- face an uncertain future. Its borrowers will lose access to $800 million in approved loans. That number is mounting by hundreds of millions of dollars each day. Major investors have announced millions in losses on the company. Banks that lent the company billions of dollars could see their stakes dissolve.

And Michael Strauss, the hard-driving entrepreneur who built American Home from a home-office operation into a top-10 mortgage bank, remaining its principal stakeholder throughout, lost $42.8 million in 20 minutes when the stock was traded on the New York Stock Exchange yesterday afternoon."

Consumers - Look to apply wiht a mortgage company that has a great history, is conservative and looks to be around for years and years to come....Contact me at Cherry Creek Mortgage.

Realtors - if you don't want to work with me...that's cool, but be concerned about working with a company that may or may not be there to fund your loans.  I'm not downselling rather telling you to just protect your clients....be careful with who you refer your business to.

Lenders - if you're looking to make a change....I can't say we can work together, but we can talk.  All my contact info is listed here.  In the meantime....protect your name and reputation.