AmeriHome (NYSE:AHM)
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From May 2019 to May 2024
American Home Mortgage Investment Corp. (NYSE:AHM) today reported that,
in light of the liquidity issues resulting from extraordinary
disruptions occurring in the secondary mortgage market, the Company has
determined to significantly reduce its operating structure as it seeks
the most appropriate course of resolution to preserve the value of its
remaining assets.
American Home has ceased taking mortgage applications and has notified
all of its production employees that they will be separated effective
tomorrow, August 3, 2007. Accordingly, the Company employee base will be
reduced from over 7,000 to approximately 750. The Company currently is
maintaining its thrift and servicing businesses.
Michael Strauss, American Home’s Chief
Executive Officer, stated, “It is with great
sadness that American Home has had to take this action which involves so
many dedicated employees. The employees affected should understand that
this is not a reflection on their efforts or their productivity.
Unfortunately, the market 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.”
This news release contains "forward-looking statements" that are based
upon expectations, estimates, forecasts, projections and assumptions.
Any statement in this news release that is not a statement of historical
fact, including, but not limited to, earnings guidance and forecasts,
projections of financial results and loan origination volume, expected
future financial position, dividend plans or business strategy, and any
other statements of plans, expectations, objectives, estimates and
beliefs, is a forward-looking statement. Words such as "look forward,"
"will," "anticipate," "may," "expect," "plan," "believe," "intend,"
"opportunity," "potential," and similar words, or the negatives of those
words, are intended to identify forward-looking statements. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that are difficult to predict, and are
not guarantees of future performance. As a result, actual future events
may differ materially from any future results, performance or
achievements expressed in or implied by this news release. Specific
factors that might cause such a difference include, but are not limited
to: American Home's limited operating history with respect to its
portfolio strategy; the potential fluctuations in American Home's
operating results; American Home's potential need for additional
capital; the direction of interest rates and their subsequent effect on
the business of American Home and its subsidiaries; risks associated
with the use of leverage; changes in federal and state tax laws
affecting REITs; federal and state regulation of mortgage banking; and
those risks and uncertainties discussed in filings made by American Home
with the Securities and Exchange Commission. Such forward-looking
statements are inherently uncertain, and stockholders must recognize
that actual results may differ from expectations. American Home does not
assume any responsibility, and expressly disclaims any responsibility,
to issue updates to any forward-looking statements discussed in this
news release, whether as a result of new information, future events or
otherwise.