| American Home Mortgage Files Bankruptcy |
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| Written by National Desk | |
| Monday, 06 August 2007 | |
| American Home Mortgage has terminated its mortgage business. It realised that the value of its assets will not be enough to fully pay off its creditors. The trouble was atributed to subprime mortgages, which are designed for home buyers with less then optimal credit histories, but now it has spread into other credit markets. Delinquencies have surged after the housing bust, which has effected lenders who wrote these types of loans. |
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