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| US mortgage lender closing down |
| American Home Mortgage plans to close down most of its operations, making it one of the biggest casualties of the US housing slump.
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| UNITED STATES OF AMERICA
, 3-August-2007
2:42:12 AM |
| Seven thousand employees will lose their jobs from Friday, leaving the company with only about 750 staff.
Analysts say that American Home may have to seek bankruptcy protection as soon as Monday.
American Home's problems suggest the housing slump is widening because it is not a sub-prime lender.
Visitors to the firm's website are told it is "no longer taking mortgage loan applications".
Most of the companies that have had difficulties so far have been those that specialise in lending to people with inferior credit records.
American Home offered many "Alt-A" mortgages, which fall between prime and sub-prime mortgages.
It also made loans with adjustable interest rates, which are more unusual in a US market where long term fixed rates are the norm.
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