July 2007 - Blown Mortgage

July 2007

I have been accused of not covering the positive parts of the industry on this blog and so to give a bit of time to the positive developments that are arising out of this mess I wanted to highlight two changes that Long Beach Mortgage has made that are definitely in the best interests of [...]

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Cramer at it again with his Subprime Dirty Dozen. A video clip worth watching. He says: "As the American Home Mortgage situation proves; you can't trust any of these mortgage companies who aren't banks...their future is out of their control."

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Wow, big news day as American Home Mortgage stock tanks 85% after trading is resumed and a whole flurry of news and reports hit the wire after the company makes an official announcement (emphasis mine): American Home Mortgage noted that this disruption has fueled concerns in the market regarding credit risk, causing many market participants [...]

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This is amazing. "There is no distinction between subprime and prime. When your home falls 20% that distinction goes out the window." We've been saying that for months. Thanks for finally getting the word out Jim. Hat tip: HP and HD - great find!

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Is it obvious now? There is no such thing as containment. American Home Mortgage's shares tanked nearly 50% in pre-market trading prior to being halted by the NYSE as reports surfaced that the Alt-A mortgage company would not issue its previously announced dividend to share holders. Nothing like pulling a dividend to kill a stock [...]

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