LAWFUEL – American Home Mortgage Investment appears to have closed, according to reports.
Forbes Magazine reported that although Thursday began on a hopeful note for American Home Mortgage Investment, by the close of business, the business seemed to have closed.
Employees of the Melville, N.Y.-based mortgage real estate investment trust apparently received an email from Michael Strauss, the company’s chairman, at a little after 3 p.m., stating that their last day of employment would be Friday. A copy of the email was provided to Forbes.com by an employee who asked not to be identified. Reached by telephone, another employee said, “We are no longer in business as of this afternoon.”
“It is with great sadness I announce today that American Home Mortgage has been forced to close. Unfortunately, the market conditions in both the secondary mortgage market as well as the national real estate market have deteriorated to the point that our business is no longer viable,” Strauss wrote.
American Home Mortgage Investment (nyse: AHM – news – people ) did not provide an official statement, but numerous phone calls to its switchboard made during business hours went unanswered. An outside public relations contact was rerouted to the company’s mute main number, 516-949-3900.
Calls to several extensions at the company resulted in employees who, while they did not provide their names, confirmed that the company was in fact closing. “Everyone is just packing up,” said a man who answered the phone at extension 3908. “Obviously, we weren’t really knowing what was going on. We were hoping for the best and just waiting.”