BofA Seeks To Sell American Home's Mortgages

Law360, New York (February 25, 2008, 12:00 AM EST) -- Bank of America NA, the administrative agent for lenders of American Home Mortgage Holdings Inc., has asked for relief from the automatic stay in order to sell $584 million in loans owned by the bankrupt mortgage lender.

In a motion filed Friday in the U.S. Bankruptcy Court for the District of Delaware, Bank of America claimed the loans, which are AHM’s remaining collateral for credit extended by the lenders the bank represents, are declining in value.

Bank of America is hoping to sell the 3,400 residential...
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