Highlights
American Home Mortgage Investment Corp., a real estate investment trust based in Melville, filed for bankruptcy in 2007, a victim of tightening credit markets and the decreasing value of its loan portfolio. American Home is the first major lender serving sub-prime, or high-credit and near-prime borrowers.
American Home Mortgage Investment Corp., a real estate investment trust based in Melville, filed for bankruptcy in 2007, a victim of tightening credit markets and the decreasing value of its loan portfolio. American Home is the first major lender serving sub-prime, or high-credit and near-prime borrowers.
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LI PEOPLE ON THE MOVE
NONPROFITS Lynn Drucker has been promoted to senior vice president for development and external affairs at Abilities in Albertson. The Merrick resident has served as vice president of development for the organization since February 2007. Before that, she...Tags: State University of New York, Stony Brook University, Medicine, Private Health Care, New York University
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People on the move, Sept. 2
peopleonthemove@newsday.comACCOUNTING David Schneyman was named a principal of Friedman Llp, accountants and advisors. The Old Bethpage resident is based in the firm's Manhattan office. He has more than 20 years of experience in commercial and residential real estate, previously as...Tags: State University of New York, Stony Brook University, Medicine, Private Health Care, New York University
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Bankrupt AHM to repay some creditors 5.9% of debt
emi.endo@newsday.comUnsecured creditors are to be repaid no more than 5.9 percent of what they are owed by bankrupt American Home Mortgage Investment Corp., Bloomberg News is reporting. Using cash from the sale of its assets, the former Melville-based company will pay...Tags: American Home Mortgage Investment Corporation, Bankruptcy, Mortgages, Melville
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"Liar loans" threaten to prolong mortgage crisis
![In the mortgage industry they are called "liar loans" -
mortgages approved without requiring proof of the borrower's income or assets. The worst of them earn the nickname "ninja loans," short for "no income, no job and [no] assets."](http://www.newsday.com/media/thumbnails/story/2008-08/41718200-20052004-140105.jpg)
In the mortgage industry they are called "liar loans" - mortgages approved without requiring proof of the borrower's income or assets. The worst of them earn the nickname "ninja loans," short for "no income, no job and [no] assets."
The nation's...Tags: Nevada, Virginia, Manhattan (New York City), California, Florida
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Analysts have zero hopes for IndyMac
Los Angeles Times Staff WritersA day after IndyMac Bancorp's decision to sharply curb its lending and lay off 3,800 employees, the mortgage company's shares tumbled toward oblivion Tuesday, with at least two analysts warning that no value remained for shareholders. IndyMac, which...Tags: Paul Miller, Office Needs, Financial Markets, Stocks, Chicago Mortgages
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Court approves American Home Mortgage refund of loan fees
A bankruptcy judge has cleared the way for American Home Mortgage Investment Corp. to refund up to $650,000 in application fees and other mortgage costs it collected from more than 1,000 customers who never got their loans because of the company's...Tags: Connecticut, Homes, Court Administration, Mortgages, Melville
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4,500 AHM borrowers face tax liabilities, foreclosure
daniel.wagner@newsday.comFreddie Mac, a government-backed mortgage buyer, has filed court papers claiming bankrupt Melville-based lender American Home Mortgage's handling of the loans it continues to service have exposed more than 4,500 borrowers to increased tax liability and...Tags: Delaware, State Budgets, Court Administration, Mortgages, Melville
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Fitch downgrades $16.2 million in AHM bonds
daniel.wagner@newsday.comAmerican Home Mortgage insisted until its bankruptcy filing last month that its mortgages were squarely in the relatively safe, "near-prime" category, but a key rating agency says the the mortgages fall in the subprime camp. Fitch Ratings, one of three...Tags: Housing and Urban Planning, Credit Ratings, Moody's Corporation, Interior Policy, Financial and Business Services
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Q and A: Mike Huckabee
Newsday Staff WriterHow would you finish this sentence? "Sept. 11 is the day that ..." Sept. 11 is the day that we climbed and we dug, we raged and we prayed, we wept and we comforted, but most importantly, we woke up. In the pitch-black clouds that the death of each...Tags: Natural Resources, Oklahoma, Private Health Care, Migration, Alaska
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Despite credit crisis, Countrywide opens Hamptons office
richard.dalton@newsday.comDespite the difficulties Countrywide faces from the subprime mortgage debacle, the company has expanded with a new East Hampton location. Countrywide Home Loans opened an office last month with eight employees at 87 Newton Lane, previously occupied by...Tags: Loans, Mortgages, Melville
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Delta laying off half its workforce
ellen.yan@newsday.comIn a bad day for subprime lender Delta Financial Corp., the Woodbury-based firm laid off almost half its 1,000 workers Thursday morning as its chief said there were "no viable alternatives" and then late in the day reported a $39.6 million net loss for...Tags: Mutual Funds, Layoffs and Downsizing, Chicago Mortgages, Unemployment, Mortgages
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What lies ahead for Woodbury's Delta Financial?
ellen.yan@newsday.com and james.bernstein@newsday.comLender Delta Financial Corp. is almost all subprime in a world running away from subprime. A day after laying off 470 people, which made up almost half its workforce, and reporting a $39.6 million loss for the quarter, the survival of the Woodbury firm...Tags: Delta Financial Corporation, Manhattan (New York City), Weather Reports, Stock Broking, Banking
Sep 2, 2008
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