Monday, Jul 30, 2007
Honestly Guv'nor this won't spread!
FT: Signs of US subprime crisis spreading
American Home Mortgage Investment said it is delaying paying dividends on its common stock and may delay payments on its preferred shares because banks demanded it put up more cash after the Melville, New York-based mortgage lender wrote down the value of its loan and security portfolios significantly.
The move represents one of the first indications that the crisis facing sub-prime mortgage lenders in the US is expanding to affect lenders like American Home Mortgage whose borrowers tend to have higher ‘prime’ ore ‘near prime’ credit ratings.
Posted by tyrellcorporation @ 10:10 AM (176 views) Add Comment
1 Comment
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1. sold 2 rent 1 said...
And this is before HPC has gathered pace, the stock markets have only wobbled, and the economy is still growing.
It is just the tip of the iceberg.