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Huge U S Lender American Home Shares Drop 45%

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American Home shares plunge 45%
By Paul Taylor in New York and agencies
Published: July 29 2007 22:57 | Last updated: July 30 2007 15:41
Trading in shares in American Home Mortgage Investment was halted after they fell by almost half following the lender’s revelation that it is delaying paying dividends and may delay payments on its preferred shares because banks demanded it put up more cash.
American Home’s announcement came late on Friday, as the Melville, New York-based mortgage lender revealed it had written down the value of its loan and security portfolios significantly.

When sheeple borrow more than they can afford to pay this is the inevitable result. I bet our VIs are starting to make pongs in their drawers about now.

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