American Home Mortgage to close

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Management cited housings market, secondary lending market
Updated: 2 hours, 5 minutes ago

American Home Mortgage, which had about 7,400 employees as of Dec. 31, has been struggling to raise money to make new loans and said this week that its financial backers have essentially pulled the plug. The Wall Street banks that lend American Home Mortgage money for home loans — which include firms like UBS AG, Bear Stearns Cos., and JPMorgan Chase & Co. — will not extend the company any more money, and some have demanded back the money they have lent. Read entire article HERE

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