American Home Mortgage Closes Today

Accordingly, the company employee base will be reduced from over 7,000 to approximately 750.

Salem-News.com

(MELVILLE, N.Y.) - American Home Mortgage Investment Corp. today reported that, in light of the liquidity issues resulting from extraordinary disruptions occurring in the secondary mortgage market, the Company has determined to significantly reduce its operating structure as it seeks the most appropriate course of resolution to preserve the value of its remaining assets.

American Home has ceased taking mortgage applications and has notified all of its production employees that they will be separated effective today, August 3rd.

Accordingly, the company employee base will be reduced from over 7,000 to approximately 750.

The company currently is maintaining its thrift and servicing businesses.

Michael Strauss, American Home's Chief Executive Officer, stated, "It is with great sadness that American Home has had to take this action which involves so many dedicated employees. The employees affected should understand that this is not a reflection on their efforts or their productivity. Unfortunately, the market conditions in both the secondary mortgage market as well as the national real estate market have deteriorated to the point that we have no realistic alternative."

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Julie et al: Family-housing market is now clear reflection of Wall Street drive to looser speculation no matter who it hurts. That's continuation of same "right of capital" economic myth driving much else in our economy, built on fantasy of corporate personhood protected by First Amendment rights. Look for more sudden, much deeper economic collapse now unmistakably "on the way".

"secondary mortgage market" is an interesting term, and an interesting business to have made millions off the backs of poor home owners, looking for a reasonable financial solution with their home as equity. As the world turns...I guess what goes around comes around, but it's sad that thousands of dedicated employees end up the losers as well.

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