By Rick Green
July 31 (Bloomberg) -- American Home Mortgage Investment Corp., the lender whose shares stopped trading yesterday after it disclosed a cash shortage, said it's unable to fund new loans and may have to liquidate assets.
The company has been cut off from credit and didn't have money yesterday to make $300 million of mortgages it had already agreed to provide, the Melville, New York-based company said today in a statement. American Home said it anticipates $450 million to $500 million of loans probably won't get funded today.
American Home said it's ``seeking the course of resolution, in this environment, that is least disruptive to its business and to the many thousands of homebuyers to whom it has committed to provide mortgages.'' The company said it hired Milestone Advisors and Lazard Ltd. to evaluate ``strategic options.''
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