BofA Looks To Sell AHM Construction Mortgages

Law360, New York (December 5, 2007, 12:00 AM EST) -- Bank of America NA has asked the bankruptcy judge overseeing lender American Home Mortgage Holdings Inc.’s Chapter 11 proceedings to lift the stay so it can sell its collateral in certain mortgage loans.

BofA, one of AHM’s prepetition secured lenders, filed a motion Tuesday in the U.S. Bankruptcy Court for the District of Delaware seeking relief from the automatic stay in order to “exercise its rights as a secured creditor” and sell outstanding construction-to-perm mortgage loans on single family residences.

Construction-to-perm loans are residential loans that...
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