NEWS ABOUT: American Home Mortgage
American Home Mortgage stories: 2 news briefs
ARM specialist's efforts can't hold off fallout from worsening crisis
New York Times Aug 3, 07 9:25 AM CDT
(Newser Summary) -
The battered mortgage-lending industry will suffer another blow today as American Home Mortgage shuts down, making it the latest company to go under as home loans go bad across the country. AHM's troubles were common knowledge, the Times reports, but the speed of its downfall was unexpected. “We have no realistic alternative,” says the CEO.
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Withdrawals blocked, rumors swirl as market slips further
Wall Street Journal Aug 1, 07 5:40 AM CDT
(Newser Summary) -
Bear Stearns has blocked withdrawals from a mortgage investment fund amid Wall Street jitters over the crisis in high-risk subprime mortgages, the Wall Street Journal reports. Two Bear Stearns hedge funds heavily invested in subprime mortgages collapsed in June, and now another fund, which has only a tiny fraction of its assets in subprimes, is taking a beating.
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