Marginal Revolutions
Mortgage: American Home Mortgage
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American Mortgage company was the 10th largest mortgage lender in the United States of America. The company has since filed for bankruptcy. It filed for Chapter 11 bankruptcy in 2007. The company said that many of its investors demanded that there money be given back. They also released that they were unable to pay $800 million dollars on housing loans. There were also massive layoffs. The company laid off almost all of its seven thousand employees.
The company was founded in 1987 in New York City. The company after being sold moved to Melville NY. The company at first was only engaged in the origination and the servicing of mortgages. The company acquired several companies during its reign. Some of these included., Marina Mortgage, First Home Mortgage, Principal Residential Mortgage, Waterfield Financial, Irwin Mortgage and several Washington Mutual offices. In late July of 2007 it was announced by the company that it could no longer fund loans and may have to liquidate assets.
In August of 2007 the CEO of American Mortgage Company sent out an email to his whole company that talked about the many financial issues that the company has had. The email
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