Mortgage road kill
Bob Morris @ Jul 31st 2007 00:23 - Category: Credit crisis
More collateral damage from the mortgage implosion. On Friday, American Home Mortgage announced they would be unable to make scheduled dividend payments due Saturday because of margin calls.
Trading in the stock was halted Monday as the company remained silent about their financial condition. It appears probable they are facing bankruptcy, and there may not be much left but a worthless husk.
They have 7400 employees. Thus, thousands of them no doubt will be jobless soon. And unable to make their own mortgage payments.
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