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Another one bites the dust
Today, the sagging housing market claims one of its biggest casualties yet: American Home Mortgage plans to close most of its operations and lay off more than 6,000 people. The company will probably have to file for bankruptcy by Monday. Two years ago, American Home's stock traded at nearly $40. Last night it was worth about $1.50. This is also a sign that the scope of the problem is widening. American Home Mortgage was handing out loans to people with decent credit, not the riskiest subprime borrowers.
Posted on August 3, 2007 5:39 AM PT | Permalink
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