Market Updates
American Home Mortgage Closes Operations
Elena
03 Aug, 2007
New York City
-
The lender revealed plans to close most operations on Friday and reduce nearly 7,000 jobs. The company said its employee base will be reduced to about 750 workers, down from the 7,409 it reported at the end of 2006. According to experts, company will have to seek bankruptcy protection, and no later than Monday.
[R]8:15AM American Home Mortgage dropped 38% after it revealed plans to close its operations Friday.[/R]
American Home Mortgage Investment Corp ((AHM)) tumbled 41% standing out as one of the biggest victims of the struggling U.S. credit market. The lender revealed plans to close most operations on Friday and reduce nearly 7,000 jobs. The company said its employee base will be reduced to about 750 workers, down from the 7,409 it reported at the end of 2006.
American Home originated $59 billion in loans in 2006 mostly to people with better credit than risky subprime borrowers. Nearly half of those mortgages were adjustable-rate loans, with an interest rate that can be adjusted upward. According to experts, company will have to seek bankruptcy protection, and no later than Monday.
Annual Returns
| Company | Ticker | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|
Earnings
| Company | Ticker | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|