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WEDNESDAY, NOVEMBER 25, 2009
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PREMIUM NEWS ARCHIVE

AHM Is in Bankruptcy, Other Servicers in Trouble.(American Home Mortgage)

Article from: Mortgage Servicing News Article date: September 1, 2007 Author: Muolo, Paul

WASHINGTON -- Three midsized servicing firms failed or closed in August and two others were struggling to bolster their cash positions as the nation's nonprime liquidity crisis worsened during the summer.

In total, the three that went bust -American Home Mortgage, Aegis Mortgage and HomeBanc - serviced $78 billion in residential loans. But only one of these firms, Aegis of Houston, was heavily involved in subprime. (See table.)

AHM and HomeBanc filed for Chapter 11 bankruptcy protection. Both had loan buyback ...

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