Written by Timothy Blake on August 01, 2007 under Archives, Lenders
When American Home Mortgage Investment ran up against margin calls and lack of funding the company was forced to break their agreements on funds in the pipeline for loan closings. That adds more bad news for homebuyers with pending applications, as CIT also announced they would exit the mortgage business. AHM was forced to pull $300 million of home loans already agreed on Monday and was preparing to break its agreement on up to $500 million more yesterday.
