American Home Mortgage / American Brokers Conduit - Retail Wholesale Alt-A A
We have received information indicating that both American Home Mortgage as well as American Brokers Conduit (ABC) will "close their doors" tomorrow. Regarding American Home Mortgage, the following news> was released a short while ago:
We have gotten word that the closure of AHM will affect some 7,000 employees.
We have received an inordinate amount of tips (Thank you!) regarding both American Home Mortgage as well as American Brokers Conduit, which is owned by AHM. Regarding the latter, we recived the following:
As has been noted here and elsewhere, it would seem that ABC ceased funding this week and has yet to be able to resume funding. We are trying to ascertain the size of ABC's operations. Further, we believe the closure of AHM will also affect HLB; however, we have not gathered much information on HLB to date. If you have any of this information, please send us an email so we can complete this entry.
Original notation from 2007-08-01 when ABC was on the "Ailing/Watch List"
As has been widely reported, American Brokers Conduit or "ABC" has ceased funding loans. The following was forwarded to us yesterday regarding ABC:
The above is just one of many, many tips and confirmations that ABC has suspending funding loans. Some tips suggest ABC believes they will be funding again in short order.
The lingering question seems to be whether or not ABC will be bought. Though we've received varying, sometimes contradictory tips to this effect, we are unable to confirm if ABC has a potential buyer or multiple suitors.
Suffice to say that we are keeping a close watch on these developments as they occur. Stay tuned...
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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.