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American Home Mortgage Snapshot
The door to home ownership through American Home Mortgage is no longer open. The real estate investment trust (REIT) originated and serviced mortgage loans to homebuyers and refinancers from about 550 retail and wholesale loan offices across the US and via the Internet. The company, which specialized in interest-only adjustable-rate mortgages (ARMs), abruptly declared bankruptcy in 2007 and laid off about 90% of its staff. Like several of its peers, American Home Mortgage fell victim to the bust in the secondary mortgage market. It sold its servicing division to investor WL Ross & Co. and is looking to sell more than 600 non-performing loans.
