Havasu Luvr
07-31-2007, 03:42 PM
This is not good. Big meeting this morning in the high desert office. The wife maybe looking for something new.....
AHM Verges on Bankruptcy
By DAN SEYMOUR 07.31.07, 3:53 PM ET
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MELVILLE, N.Y. -
American Home Mortgage Investment Corp. said Tuesday it has run out of cash, raising the specter of bankruptcy for the beleaguered mortgage lender and sending its shares down 90 percent.
The news also reversed a rally on Wall Street and sent stocks into negative territory, as fears of worsening credit conditions deflated a market that had been boosted by strong earnings reports.
The struggling mortgage lender said its financial backers have essentially pulled the plug. The Wall Street banks that lend American Home Mortgage money for home loans - which include firms like UBS AG, Bear Stearns Cos., and JPMorgan Chase & Co. - will not extend the company any more money, and some have demanded back they money they have lent.
AHM Verges on Bankruptcy
By DAN SEYMOUR 07.31.07, 3:53 PM ET
Popular Videos
Driving The Flying Spur
A Future of Mixed Media
The New Age of NASCAR
Hefner: Playboy's Bunnies Multiply
Working For P-diddy
Related Quotes
AHM 1.04 - 9.43
BSC 121.22 - 6.03
CFC 28.17 - 1.10
DB 136.28 + 1.52
FHN 31.72 - 0.58
JPM 44.01 - 0.74
LAZ 37.03 + 0.88
MTB 106.29 - 0.87
NEWCQ 0.25 - 0.01
UBS 55.07 + 0.12
WFC 33.77 - 0.84
Most Popular Stories
Can Your Finances Survive Long-Term Care?
Cutting Hospitals Out Of Surgery
Medical Symptoms You Shouldn't Ignore
Top 20 Most Dangerous Vehicles
A Five-Year Plan For Retirement
MELVILLE, N.Y. -
American Home Mortgage Investment Corp. said Tuesday it has run out of cash, raising the specter of bankruptcy for the beleaguered mortgage lender and sending its shares down 90 percent.
The news also reversed a rally on Wall Street and sent stocks into negative territory, as fears of worsening credit conditions deflated a market that had been boosted by strong earnings reports.
The struggling mortgage lender said its financial backers have essentially pulled the plug. The Wall Street banks that lend American Home Mortgage money for home loans - which include firms like UBS AG, Bear Stearns Cos., and JPMorgan Chase & Co. - will not extend the company any more money, and some have demanded back they money they have lent.