Wilbur Ross Bids For American Home Mortgage Unit

Law360 (September 21, 2007, 12:00 AM EDT) -- Bankrupt American Home Mortgage Investment Corp. revealed on Friday that an affiliate of billionaire investor Wilbur Ross has agreed to make the initial bid for American Home Mortgage's loan servicing business – a bid expected to be worth more than $400 million.

According to documents filed in the U.S. Bankruptcy Court for the District of Delaware on Friday, Ross' “stalking-horse” bid will be calculated based on the actual number of mortgage loans being serviced by American Home Mortgage at time of the auction. Court papers indicate that the value of those loans is expected to be some $38 billion.

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