This is not good.
Yesterday, American Home Mortgage was forced to stop any closing that were scheduled. Today, same thing. There has not been a closing since Friday due to lack of money. I have ran across article after article about why and how this has happened but to be honest - I have no clue as to why this happened. American Home Mortgage
is was huge and to put it simply there is just no money to fund any closings right now. So does this mean that they are filing a bankruptcy or are they being bought out?
I have no answers.
"American Home said its financial backers will not float any more money, so the company failed to provide $300 million in mortgages promised to home buyers on Monday. The company said it expects not to be able to finance $450 million to $500 million in mortgages more Tuesday". Long Island Business News - Breaking News
American Home Mortgage Investment Corp. Provides Update on Liquidity: Financial News - Yahoo! Finance
Mortgage Mania - Part 9 The Capital Markets Strike Back