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American Home Pushed Into Ch. 11 By Suits, Losses

Law360 (August 6, 2007, 12:00 AM EDT) -- American Home Mortgage Investment Corp. filed for Chapter 11 Monday on the heels of enormous losses and shareholder suits last week. In so doing, it became the first of the non-subprime lenders to be pushed into bankruptcy by the growing market crisis.

Chief executive officer Michael Strauss called the situation “unfortunate” and attributed it to “the unanticipated and rather sudden deteriorations in the secondary and national real estate markets.”

Although the company has laid off 90% of its employees and is no longer taking mortgage applications,...
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