Ginnie Mae Wants $450M Back From AHM

Law360, New York (August 21, 2007, 12:00 AM EDT) -- The Government National Mortgage Association has asked a bankruptcy court judge to force American Home Mortgage Investment Corp. to hand over almost $450 million worth of mortgage loans it is servicing.

Ginnie Mae on Monday filed a motion in the U.S. Bankruptcy Court of Delaware claiming that it is exempt from the automatic stay that protects bankrupt companies and asking that American Home return the outstanding sum, which is backed by some 5,8000 home loans.

“The consequences of Ginnie Mae not retrieving its servicing files and...
To view the full article, register now.