BusinessCompany NewsUS lender files for Chapter 11

US lender files for Chapter 11

Sub prime lending crisis worsens

One of the US’s largest independent mortgage providers
American Home Mortgage (AHM) has filed
for
Chapter
11 bankruptcy protection.

This latest blow to the US mortgage industry came after the lender let go of
the majority of its staff last week.

Earlier this year AHM had over seven thousand employees – there were only 750
staff left last week Friday.

AHM offered both prime and sub-prime loans.

Further reading:

Accounting issues still hurting Fannie Mae

Experian hit by US mortgage slump, says FD

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