defunct corporation industry finance founded new york ny 1987 headquarters melville ny key people michael strauss ceo & president products financial services revenue 1.026 billionusd 2006 1 net income 263.5 million usd 2006 1 number of employees 7 409 dec 2006 1 website www.americanhm.com american home mortgage investment corporation otc pink 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 . 2 3 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 . 2 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 . 4 contents 1 history 2 financial difficulties 3 warn act class action law suit 4 external links 5 references history edit founded in 1987 in new york city the company became a publicly traded on nasdaq in september 1999 . the company moved its corporate headquarters to melville ny in 2000 . 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 reit and changed its name to american home mortgage investment corp. the new parent company of american home mortgage and moved from nasdaq to nyse . 5 6 the company has made numerous acquisitions since 1999 including marina mortgage of irvine ca first home mortgage of mt prospect il columbia national of columbia md and retail branches from principal residential mortgage waterfield financial irwin mortgage and 86 washington mutual offices . 1 in december 2003 the company moved its listing from nasdaq to nyse under the new ticker symbol ahm . 6 on july 31 2007 the company announced that it can no longer fund home loans and may liquidate assets putting its survival in doubt . 7 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 of additional liquidity including the orderly liquidation of its assets . 8 american home s announcement shows how concerns about credit quality and homeowner defaults have spread beyond subprime lenders 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 keefe bruyette & woods 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 . financial difficulties edit on august 2 2007 michael strauss sent an email to the entire company announcing company s serious financial difficulties . 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 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 . citation needed 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 . citation needed in 2008 indymac also failed one of the largest bank failures in american history . on july 11 2008 indymac bank was placed into 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 . 9 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 . 10 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 . 11 warn act class action law suit edit on august 8 2007 outten & golden llp filed suit against american home mortgage corp american home mortgage acceptance inc. american mortgage serving inc. american home mortgage investment corp. and american home mortgage holding inc. seeking to recover 60 days wages and benefits 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 . source the warn act settlement was distributed in 2014 . external links edit american home mortgage historical sec filings facing liquidity crunch american home mortgage suspends dividend payment july 28 2007 outten & golden llp american home mortgage warn suit web page references edit a b c d american home mortgage form 10 k annual report filing date mar 1 2007 pdf . secdatabase.com . retrieved jan 6 2013 . a b american home mortgage form 8 k current report filing date aug 9 2007 . secdatabase.com . retrieved jan 6 2013 . pink sheet information associated press 2007 08 06 . ahm files for bankruptcy . new york times . retrieved 2007 08 06 . american home mortgage form 8 k current report filing date dec 17 2003 . secdatabase.com . retrieved jan 6 2013 . a b american home mortgage form 10 k annual report filing date mar 15 2004 . secdatabase.com . retrieved jan 6 2013 . american home mortgage form 8 k current report filing date jul 31 2007 . secdatabase.com . retrieved jan 6 2013 . american home mortgage form 8 k a filing date aug 3 2007 . secdatabase.com . retrieved jan 6 2013 . american home mortgage form 8 k current report filing date sep 28 2007 . secdatabase.com . retrieved jan 6 2013 . inc. american home mortgage servicing . american home mortgage servicing inc. to become homeward residential . www.prnewswire.com . retrieved 2016 05 17 . ocwen finalizes acquisition of homeward residential . www.housingwire.com . retrieved 2016 05 17 . retrieved from https en.wikipedia.org w index.php title american home mortgage & oldid 720841016 categories companies listed on the pink sheetsreal estate investment trustsfinancial 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