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conservatorship by the FDIC and on August 6, 2008, the bank filed for
Chapter 11 bankruptcy protection. American Home Mortgage Servicing Inc. was sold to Wilbur Ross & Co. LLC, as part of the bankruptcy liquidation, in November 2007. The entity was formed by affiliates of WL Ross & Co. LLC in November 2007 for the purpose of acquiring the servicing assets of American Home Mortgage Investment Corp., American Home Mortgage Corp. and American Home Mortgage Servicing Inc. in the bankruptcy liquidation. American Home Mortgage Servicing Inc. changed its name to Homeward Residential Holdings, Inc. in February 2012. In October 2012, Ocwen announced plans to buy Homeward Residential Holdings, Inc. from WL Ross & Co. for $ 750 million. The acquisition was finalized on Dec. 27, 2012.
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for former employees of
American Home Mortgage who they contended were terminated on or about August 3, 2007 in violation of the Worker Adjustment and Retraining Notification Act. (the WARN Act). On December 14, 2009, the court approved a final settlement valued at $ 6.5 million for the former employees of American Home Mortgage. As of May 5, 2013, no monies had been distributed as "The Trustee continues to work to resolve claims and pending litigation which will impact the timing of distributions to AHM creditors, including the WARN Class".
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for most of our employees is that Friday, August 3, 2007 will be your last day of employment. Detailed information regarding payroll, benefits and other human resource related matter will be available Friday morning for distribution in the office. I would like to personally thank every single individual working for the company for their efforts. It has been my privilege to be associated with such a wonderful team.
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265:, 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
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It is with great sadness I announce today that
American Home Mortgage has been forced to close. Unfortunately, the market 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. What this means
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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
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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
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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
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On August 8, 2007, Outten & Golden LLP filed suit against
American Home Mortgage Corp, American Home Mortgage Acceptance, Inc., American Home Mortgage Servicing Inc., American Home Mortgage Investment Corp., and American Home Mortgage Holding, Inc. seeking to recover 60 days wages and benefits
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Following
Strauss's email, at least one employee of AHM has stated that the western division of AHM had been purchased by IndyMac Bank, saving those employees' jobs. In 2008, IndyMac also failed—one of the largest bank failures in American history. On July 11, 2008, IndyMac Bank was placed into
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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.
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and was liquidated. The company 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.
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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
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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
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of additional liquidity including the orderly liquidation of its assets." American Home's announcement shows how concerns about credit quality and homeowner
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Columbia, MD, and retail branches from
Principal Residential Mortgage, Waterfield Financial, Irwin Mortgage, and 86 Washington Mutual offices.
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On August 2, 2007, Michael Strauss sent an email to the entire company announcing company's serious financial difficulties.
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548:"American Home Mortgage, Form 8-K, Current Report, Filing Date Sep 28, 2007"
504:"American Home Mortgage, Form 8-K, Current Report, Filing Date Jul 31, 2007"
482:"American Home Mortgage, Form 10-K, Annual Report, Filing Date Mar 15, 2004"
460:"American Home Mortgage, Form 8-K, Current Report, Filing Date Dec 17, 2003"
397:"American Home Mortgage, Form 8-K, Current Report, Filing Date Aug 9, 2007"
369:"American Home Mortgage, Form 10-K, Annual Report, Filing Date Mar 1, 2007"
571:"American Home Mortgage Servicing, Inc. to Become Homeward Residential"
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McLaughlin, Tim; Stempel, Jonathan; Giannone, Joe (August 6, 2007).
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America Mortgage Corporation Illinois Residential Mortgage Licensee.
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in September 1999. The company moved its corporate headquarters to
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Outten & Golden LLP American Home Mortgage WARN Suit web page
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526:"American Home Mortgage, Form 8-K/A, Filing Date Aug 3, 2007"
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Companies that filed for Chapter 11 bankruptcy in 2007
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20:American Home Mortgage Investment Corporation
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439:"AHM Files for Bankruptcy"
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200:In 2007, it filed for
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174:June 2, 2004, at the
109:investment management
146:263.5 million (2006)
126:1.026 billion (2006)
620:www.housingwire.com
261:have spread beyond
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622:. 31 December 2012
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590:cite press release
575:www.prnewswire.com
445:The New York Times
335:2013-04-25 at the
305:2013-04-25 at the
238:Melville, New York
105:Financial services
84:Melville, New York
550:. secdatabase.com
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80:Headquarters
598:|last=
242:Long Island
641:Categories
626:2016-05-17
581:2016-05-17
348:References
202:bankruptcy
166:americanhm
133:Net income
92:Key people
333:Archived
303:Archived
259:defaults
197:(REIT).
188:mortgage
172:Archived
101:Products
34:Industry
424:Reuters
224:History
161:Website
115:Revenue
70: (
62:Defunct
52: (
44:Founded
38:Finance
554:Jan 6,
532:Jan 6,
510:Jan 6,
488:Jan 6,
466:Jan 6,
403:Jan 6,
378:Jan 6,
300:Source
234:NASDAQ
191:lender
86:, U.S.
372:(PDF)
240:, on
602:help
556:2013
534:2013
512:2013
490:2013
468:2013
405:2013
380:2013
250:REIT
168:.com
144:US$
124:US$
72:2007
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54:1987
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