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U.S. markets recover from steep losses
MELVILLE, N.Y., Aug. 3 (UPI) -- American Home Mortgage has lost its battle with "disruptions" in the secondary mortgage market.
The troubled lender based in Melville, N.Y., once one of the fastest-growing and largest U.S. mortgage companies, said it would lay off all but 750 of its 7,000 employees and close all but its thrift and servicing businesses "to preserve the value of its remaining assets," the New York Times said.
"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," chief executive Michael Strauss said.
A.H.M. is the latest home lender to fall this year and comes as other companies in the mortgage business are sounding alarms.
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