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October 6, 2007 | From Times Wire Services
Wilbur L. Ross Jr., who became a billionaire by investing in failed steel and textile companies, won the bidding for the loan-servicing unit of American Home Mortgage Investment Corp. with a $435-million offer. Ross is betting on a rebound in the mortgage industry after at least 16 lenders, including Melville, N.Y.-based American Home, collapsed when investors refused to buy loans they made to borrowers with poor credit.
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BUSINESS
October 6, 2007 | From Times Wire Services
Wilbur L. Ross Jr., who became a billionaire by investing in failed steel and textile companies, won the bidding for the loan-servicing unit of American Home Mortgage Investment Corp. with a $435-million offer. Ross is betting on a rebound in the mortgage industry after at least 16 lenders, including Melville, N.Y.-based American Home, collapsed when investors refused to buy loans they made to borrowers with poor credit.
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BUSINESS
April 10, 2007 | From Bloomberg News
American Home Mortgage Investment Corp. shares fell 15% after the company's loans attracted few bids from investors, fueling concern that losses at sub-prime lenders are spreading to companies that sell less-risky loans. The Melville, N.Y.-based company reported few bids and lower-than-expected prices for its Alt-A mortgages, a category that is below prime loans for the low-risk customers but above sub-prime loans for people with credit problems. A week earlier, M&T Bank Corp.
BUSINESS
April 10, 2007 | From Bloomberg News
American Home Mortgage Investment Corp. shares fell 15% after the company's loans attracted few bids from investors, fueling concern that losses at sub-prime lenders are spreading to companies that sell less-risky loans. The Melville, N.Y.-based company reported few bids and lower-than-expected prices for its Alt-A mortgages, a category that is below prime loans for the low-risk customers but above sub-prime loans for people with credit problems. A week earlier, M&T Bank Corp.
BUSINESS
January 8, 2008 | From Times Wire Services
U.S. mortgage lenders cut more than 86,000 jobs last year as the housing market deteriorated, data released Monday show. California was hit hardest by the cuts, with a net loss of 15,933 mortgage positions, or 19% of the nationwide job loss, MortgageDaily.com said. Calabasas-based Countrywide Financial Corp. made the most cuts, eliminating a net 11,665 jobs. Melville, N.Y.-based American Home Mortgage Investment Corp. cut 6,628 jobs. Tucson-based First Magnus Financial Corp. lost 5,948 positions.
BUSINESS
October 3, 2007 | From Newsday
Federal prosecutors and the FBI have opened an investigation into whether criminal misconduct was involved in the collapse of American Home Mortgage Investment Corp., according to several people familiar with the situation. The investigation, said to be in its preliminary stages and going on for several weeks, is looking into whether violations of federal criminal statutes may have occurred that resulted in the company's bankruptcy filing, the sources said.
BUSINESS
September 22, 2007 | From Bloomberg News
Wilbur L. Ross Jr., who became a billionaire by investing in distressed steel companies, offered to pay at least $435 million for a unit of American Home Mortgage Investment Corp. and said he planned to "get into all aspects of the mortgage industry." Ross formed AH Mortgage Acquisition Co. to buy bankrupt American Home's servicing unit that collects payments and maintains escrow accounts for about $57 billion in home loans.
BUSINESS
March 18, 2008 | From the Associated Press
H&R Block Inc. said Monday that it had signed an agreement to sell its troubled mortgage servicing business for $1.1 billion to billionaire investor Wilbur Ross. Option One Mortgage Corp., which has been rocked by the nationwide mortgage crisis, services about $53 billion of sub-prime mortgages, ranking it the fourth-largest in the nation.
BUSINESS
August 20, 2009 | Nathan Olivarez-Giles
More than two dozen members of the Assn. of Community Organizations for Reform Now, better known as ACORN, gathered outside the home of a Los Angeles truck driver and his family Wednesday afternoon in an effort to keep the home from being sold. The small rally was a part of the activist group's "Home Wreckers" campaign targeting mortgage lenders that aren't adjusting loans under the Obama administration's $75-billion Making Home Affordable program and other home-saving efforts from the federal government, said Anthony Panarese, an ACORN organizer.
BUSINESS
August 1, 2007 | E. Scott Reckard, Times Staff Writer
It's not just sub-prime mortgage lenders that are struggling these days, as Pasadena's Indymac Bancorp showed Tuesday. Indymac, whose borrowers mainly fall between prime level -- the best credit risks -- and the troubled sub-prime sector, said second-quarter profit fell 57%. The value of loans on which payments had stopped more than tripled to $516 million. Indymac, a savings and loan that makes mortgages nationally, earned $44.6 million, or 60 cents a share, compared with $104.7 million, or $1.
BUSINESS
August 8, 2007 | From Times Wire Services
The near collapse of the market for securities backed by sub-prime loans has sent aftershocks into the broader mortgage market, pressuring some companies to curtail their lending or stop making loans altogether. Irvine-based Impac Mortgage Holdings Inc., whose executives have complained about being lumped with struggling sub-prime lenders, suspended the funding of alt-A mortgages Tuesday.
BUSINESS
August 3, 2007 | From Times Wire Services
The financial toll of the home loan crisis grew Thursday as a large independent mortgage firm stopped taking loan applications, another lender said its survival was in doubt and the industry's leader felt compelled to issue a statement saying it had adequate access to funds. Two other lenders, meanwhile, tightened their loan standards, and the market for securities backed by sub-prime mortgages showed signs of weakening.
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