You a costello fan cause the yanks had 1% rates whilst we had 5%...weird..the jaos had zero %...we now have one of the highest interest rates in the western world apart from nz...our rates fell when world rates fell and our rates are rising as world rates are rising...it has little to do with costello..i think he has made a massive mistake with allowing personal debt to get to these levels myself
American Home Mortgage Says It Will Close
By ERIC DASH Published: August 3, 2007
American Home Mortgage Investment, the troubled mortgage lender based in Melville, N.Y., will close today, making it the latest company to fail this year as loans made to home buyers, some even with solid credit histories, go bad.
In a news release issued last night, American Home Mortgage said that that it would lay off all but 750 of its 7,000 employees “in light of liquidity issues resulting from disruptions” in the secondary mortgage market.
“Conditions in both the secondary mortgage market as well as the national real estate market have deteriorated to the point that we have no realistic alternative,” Michael Strauss, the chief executive of American Home Mortgage said in a statement.
The company said it was shutting down all but its thrift and servicing businesses “to preserve the value of its remaining assets.”
On its Web site last night, the company said it was no longer taking any loan applications.
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