Marginal Revolutions
Mortgage: American Freedom Mortgage
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American Freedom Mortgage was a private corporation in 2001 in Marietta, Georgia. It went out of business in 2007. American Freedom Mortgage also known by its abbreviation AFM conducted business as a multi state mortgage broker and a correspondent lender. AFM operated a wholesale mortgage company division that got the loans with approved mortgage brokers and used the fake name of AFMI Funding. They sold these loans in the open market to large investors. The CEO of this company was Tamara Burch. In 2007 Burch and the company filed a voluntary no asset Chapter 7 bankruptcy. Later the bankruptcy cases were converted to asset cases due to finding that assets from the company were transferred to unsecured creditors.
In the start of 2006 this company was leading in Alt-A mortgage and subprime mortgage. Subprime mortgage loans can be more risk than a regular loan. These loans are made for borrowers unable to qualify under a more traditional loan. Subprime loans hit a surge in the early 2000s and totaled $600 billion which accounted for one-fifth of the United States home market.
American Freedom Mortgage along with many other mortgage lenders started to experience financial difficulties in 2006. This was
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