Court OKs $35M Loan For AHM's Servicing Business

Law360, New York (November 13, 2007, 12:00 AM EST) -- A Delaware judge has given American Home Mortgage Corp. permission to borrow $35 million to fund the operation of its loan servicing business before the final closing of the servicing business' $500 million sale, which American Home Mortgage said wouldn't happen for at least a few months.

Wednesday, U.S. Bankruptcy Judge Christopher S. Sontchi signed an interim order holding that the terms of the “Limited Recourse DIP Facility” American Home Mortgage wants to enter into are fair and reasonable, and giving American Home Mortgage a green...
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