American Home Mortgage

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American Home Mortgage Investment Corporation (Pink Sheets: AHMIQ) was the 10th largest retail mortgage lender in the United States and was structured as a real estate investment trust (REIT). It has filed for bankruptcy.[1]. The company stated that it was focused on earning net interest income from self-originated loans and mortgage-backed securities, and through its taxable subsidiaries, from originating and servicing mortgage loans for institutional investors. Mortgages were originated through the company's employees as well as through mortgage brokers and purchased from correspondent lenders and were serviced at the company's servicing center in Irving, Texas. The company filed for Chapter 11 bankruptcy protection in Wilmington Delaware federal court, on August 6, 2007. The week before the filing, the company said that many of its lenders had demanded their money back, and that AHM was also unable to deliver on about US$ 800 million in commitments for housing loans, and had laid off nearly ninety percent of its 7,000 employees.
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History
Founded in 1987 in New York City, the company became a publicly traded on NASDAQ in September 1999. The company moved its corporate headquarters to Melville, NY in 2000. Since its beginning as American Home Mortgage Holdings, Inc., it was engaged only in the origination and servicing of mortgages. Following its acquisition of Apex Mortgage Capital in December 2003, the Company became a REIT and changed its name to American Home Mortgage Investment Corp., the new parent company of American Home Mortgage and moved from NASDAQ to NYSE. The company has made numerous acquisitions since 1999 including Marina Mortgage of Irvine, CA, First Home Mortgage of Mt Prospect, IL, Columbia National of Columbia, MD, and retail branches from Principal Residential Mortgage, Waterfield Financial, Irwin Mortgage, and 86 Washington Mutual offices. In December 2004, the company moved its listing from NASDAQ to NYSE, under the new ticker symbol, AHM.[3] On July 31, 2007, the company announced that it can no longer fund home loans and may liquidate assets, putting its survival in doubt. The Melville, New York-based real estate investment trust retained Milestone Advisors and Lazard to help it evaluate options and advise "with respect to the sourcing of additional liquidity including the orderly liquidation of its assets." [4] American Home's announcement shows how concerns about credit quality and homeowner defaults have spread beyond subprime lenders, which lend to people with weaker credit, to lenders that make higher-quality loans. This announcement caused its stock price to plunge 90% that day to $1.04 on the NYSE. "The chances are pretty high that the company either goes bankrupt or materially restructures, leaving little value for shareholders," said Bose George, an analyst at Keefe, Bruyette & Woods Inc. in New York. American Home has specialized in prime and near-prime loans. It has, however, made many loans that allow borrowers to produce

little documentation of income or assets. It recently commanded about 2.5 percent of the U.S. mortgage market.

[edit] Financial difficulties

On August 2, 2007, Michael Strauss sent an email to the entire company announcing company's serious financial difficulties. It is with great sadness I announce today that American Home Mortgage has been forced to close. Unfortunately, the market conditions in both the secondary mortgage market as well as the national real estate market have deteriorated to the point that our business is no longer viable. What this means for most of our employees is that Friday, August 3, 2007 will be your last day of employment. Detailed information regarding payroll, benefits and other human resource related matter will be available Friday morning for distribution in the office. I would like to personally thank every single individual working for the company for their efforts. It has been my privilege to be associated with such a wonderful team.[citation needed] Following Strauss's email, at least one employee of AHM has stated that the western division of AHM had been purchased by IndyMac Bank, saving those employees' jobs.[citation needed] In 2008, IndyMac also failedone of the largest bank failures in American history. On July 11, 2008, IndyMac Bank was placed into conservatorship by the FDIC and on August 6, 2008, the bank filed for Chapter 11 bankruptcy protection. American Home Mortgage Servicing Inc. was sold to Wilbur Ross & Co. LLC, as part of the bankruptcy liquidation, in November 2007.
From Website .. of American Home Mortgage Servicing Inc. American Home Mortgage Servicing Inc. (AHMSI) provides services to homeowners and loan investors. Whether a borrower holds a traditional, Alt A, payment option or subprime loan, our highly trained experts are committed to providing high levels of service as they work to address each customers needs. Similarly, we carefully manage the loan portfolios of investors, giving them the attentive service that they appreciate. Established in April 2008, AHMSI brought together two mortgage loan servicing platforms, each with strong capabilities and specialized expertise. By multiplying these strengths, the company has achieved more than the sum of its parts it has taken servicing to new levels. With a multibillion portfolio under management, AHMSI is one of the countrys largest servicers of Alt-A and subprime loans. AHMSI is based in Coppell, Texas, with servicing operations in Irvine, Calif., Jacksonville, Fla., and Pune, India. It is funded by Wilbur Ross & Co. LLC., a private equity firm based in New York, and holds membership in the Mortgage Bankers Association and the HOPE NOW Alliance. Differentiated by a focus on creative solutions and innovative ideas, the company credits its success to a talented team who do the best possible job for its customers. To view our State licenses, please click here. *************************************************************************************************************

This latest scam comes out of American Home Mortgage Servicing, Inc. (AHMSI) who, as our readers know, was recently slammed in the In Re Veal decision as not having any standing to file a Proof of Claim in a borrower bankruptcy. AHMSI is the servicing unit of the now-bankrupt American Home Mortgage, which was sold out of the AHM Bankruptcy proceeding to a Wilbur Ross and which now is going around the country seeking to foreclose on mortgages which, we suspect, have been paid through one or more sources.

Separately, the Supreme Court of Nevada issued two opinions on July 7, 2011 which finally compel foreclosing parties in Nevada to produce material documentation as to chain of title to the Note and Deed of Trust in order to be permitted to continue with a foreclosure action when mediation is requested. in Leyva v. National Default Servicing et al., No. 55216, 127 Nev. Advance Opinion 40, the Supreme Court held that strict compliance is required with Nevada statutes governing the production of certain documents including any assignment of the Deed of Trust; that a foreclosing partys failure to do so is a sanctionable offense; and the district court is prohibited from allowing the foreclosure process to proceed. Wells Fargo was also the culprit in this case. Significantly, in discussing the transfer of the Note, the Supreme Court of Nevada cited to the recent In Re Veal decision from the 9th Circuit Bankruptcy Appeals Panel (which was previously discussed on this website), holding that the borrower has the right to know the identity of the entity that is entitled to enforce the mortgage note under Article 3 (of the Uniform Commercial Code). The Court concluded that Article 3 clearly requires Wells Fargo to demonstrate more than mere possession of the original note to be able to enforce a negotiable instrument. The court found that there was no endorsement and no assignment, and reversed the District Court.

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NYS Department of State

Division of Corporations
Search Results for ALL
The information contained in this database is current through August 3, 2011.

A total of 12 entities were found.

Entity Name AMERICAN HOME MORTGAGE ACCEPTANCE, INC. AMERICAN HOME MORTGAGE CORP. AMERICAN HOME MORTGAGE CORP. AMERICAN HOME MORTGAGE CORP. AMERICAN HOME MORTGAGE CORP. AMERICAN HOME MORTGAGE HOLDINGS, INC. AMERICAN HOME MORTGAGE INVESTMENT CORP. AMERICAN HOME MORTGAGE LENDING SOLUTIONS, INC. AMERICAN HOME MORTGAGE SERVICING INDIA PRIVATE LIMITED AMERICAN HOME MORTGAGE SERVICING, INC. AMERICAN HOME MORTGAGE SERVICING, INC. AMERICAN HOME MORTGAGE VENTURES LLC Entities 1 to 12

NYS Department of State

Division of Corporations
Search Results for ACTIVE ONLY
The information contained in this database is current through August 4, 2011.

A total of 6 entities were found.

Entity Name AMERICAN HOME MORTGAGE ACCEPTANCE, INC. AMERICAN HOME MORTGAGE HOLDINGS, INC. AMERICAN HOME MORTGAGE INVESTMENT CORP. AMERICAN HOME MORTGAGE SERVICING INDIA PRIVATE LIMITED AMERICAN HOME MORTGAGE SERVICING, INC. AMERICAN HOME MORTGAGE VENTURES LLC Entities 1 to 6

Selected Entity Name: AMERICAN HOME MORTGAGE SERVICING, INC. Selected Entity Status Information Current Entity Name: AMERICAN HOME MORTGAGE SERVICING, INC. Initial DOS Filing Date: FEBRUARY 21, 2008 County: NEW YORK Jurisdiction: DELAWARE

Entity Type: FOREIGN BUSINESS CORPORATION Current Entity Status: ACTIVE Selected Entity Address Information DOS Process (Address to which DOS will mail process if accepted on behalf of the entity) C/O C T CORPORATION SYSTEM 111 EIGHTH AVENUE NEW YORK, NEW YORK, 10011 Chairman or Chief Executive Officer DAVID M. FRIEDMAN 1525 S. BELT LINE ROAD COPPELL, TEXAS, 75019 Principal Executive Office AMERICAN HOME MORTGAGE SERVICING, INC. 1525 S. BELT LINE ROAD COPPELL, TEXAS, 75019 Registered Agent C T CORPORATION SYSTEM 111 EIGHTH AVENUE NEW YORK, NEW YORK, 10011

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MIN:1000242-0001320152-6 Note Date:06/26/2006 Servicer: American Home Mortgage Servicing, Inc. Coppell, TX Investor: Deutsche Bank National Trust Company as Trustee Santa Ana, CA Return to Search

MIN Status:Active Phone:(469) 645-3000 Phone:(714) 247-6000

Bottom Line is .. American Home Mortgage is no longer an active entity in New York .. (out of business in Aug-Oct. 2007)

MERS did not have the authority to assign a mortgage as nominee for AHM (MERS hereby assigned prior to Dec. 18, 2009) .. to Dutche Bank as Trustee for AHM Trust on Jan. 22, 2010 because AHM no longer existed. Foreclosure was filed on Dec. 21, 2009 .. assignment was executed on Jan. 22, 2010 .. therefore, Deutsche Bank did not have standing to bring this suit. Need to subpoena MERS to get chain of title .. Lawsuit against Salehs Trust is void because the Trust was closed on ??

American Home Mortgage Servicing, Inc. Files Lawsuit Seeks Recovery from Lender Processing Services, Inc. and DocX, LLC
Remediation of Improperly Executed Foreclosure-related Documents Costing AHMSI Millions COPPELL, Texas, Aug. 23, 2011 /PRNewswire/ American Home Mortgage Servicing, Inc. (AHMSI) today announced that it has filed a lawsuit against Lender Processing Services, Inc. (LPS) and its affiliate, DocX, LLC (DocX), seeking redress for the millions of dollars in losses that AHMSI has suffered, and continues to suffer, as a result of LPS and DocXs improper execution, notarization, and recording of assignments of mortgage affecting more than 30,000 residential mortgages across the country. The lawsuit, filed today in District Court in Dallas County, Texas, follows AHMSIs unsuccessful attempt to recover its losses during more than a year of discussion among the parties. The AHMSI lawsuit seeks:
1. a declaratory judgment that the contract between the parties, as amended, is binding and effective; 2. an order compelling defendants to arbitrate AHMSIs claims for breach of contract and indemnification; and 3. an award of damages relating to non-arbitrable claims sufficient to reimburse AHMSI for the millions of dollars in losses stemming from defendants executing, notarizing, and recording improper assignments on behalf of AHMSI.

DocX prepared, executed and recorded lien releases, assignments of mortgage and related documents for AHMSI from April 2008 through November 2009. During this time certain DocX and LPS employees were duly appointed by AHMSIs board of directors as Special Officers of AHMSI, with powers limited to executing mortgage-related documents. However, in late November 2009, LPS informed AHMSI that from March 2009 through October 2009, a substantial number of assignments of mortgage were executed by surrogate signers, that is, by individuals who were not designated as Special Officers, but who signed in the name of one or

more of the designated Special Officers. At no time did AHMSI sanction or know of the surrogate signing practices of LPS and DocX. Jordan Dorchuck, chief legal officer AHMSI, said, Upon learning of this unauthorized use of surrogates, we terminated the services of DocX and promptly conducted an extensive, 50-state remediation effort to address any issues caused by this problem. Our remediation efforts are, and have been, focused on correcting affected assignments of mortgage to ensure they comply with all local, state and federal laws. This has been a vast undertaking, necessitating coordination with local counsel in each state. Based in Coppell, Texas, AHMSI is the 15th largest mortgage servicer in the country, managing nearly $72.5 billion in loan servicing, representing approximately 384,000 customers. Since its inception in April 2008, AHMSI has modified over 175,000 mortgage loans, including over 27,000 under the U.S. governments Home Affordable Modification Program (HAMP). AHMSIs more than 3,000 associates work each day with the mission of helping families preserve their dream of home ownership. AHMSI is a privately-held company owned by equity funds managed by WL Ross & Co., a financial management company with over $8 billion in assets under management. SOURCE American Home Mortgage Servicing, Inc.