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AMER HOME MTG INVT Message Board

  • insider_edge insider_edge Jul 11, 2007 11:55 PM Flag

    What it's worth

    Let me preface this by saying I own no AHM stock. I am not a long, I am not a short. But I think the investing public has the right to know.

    While AHM is trying to convince everyone that they are no longer in the Alt-A business, their wholesale division, American Brokers Conduit, is up to their eyeballs in stated income loans.

    AHM is being cute by saying: "Oh, we don't write Alt-A loans anymore" but their ABC (which account for the majority of it's originations), Marina Mortgage and countless other fly-by-night 'correspondent lenders' continue to generate Stated Income, Stated Asset, No Ratio and No Doc loans.

    The investors are now starting to get wise and are giving them a VERY hard time (and reduced margins) with ALL loans. Thus the no profit in Q2. But what's frightening is that there's are no plan in place to turn a profit in Q3 either.

    Massive layoffs are expected and employee moral is at an all time low. It's get-what-you-can-while-you-can time. And they're trying to sell loans to investors by any means necessary. Which means that when the SEC/FBI takes a good look at the operation, there's going to be some very upset people left holding the bag.

    This company is going to crumble under it's own weight. It's not a matter of 'if', but 'when'.

    I feel much better getting all that off my chest. And I'm sorry to all those people who lost all that money.

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