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American Home Mortgage Investment Corporation was the 10th largest retail mortgage lender in the United States and was structured as a real estate investment trust (REIT).. In 2007, it filed for bankruptcy and was liquidated.
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Bank of America Home Loans is the mortgage unit of Bank of America.It previously existed as an independent company called Countrywide Financial from 1969 to 2008. In 2008, Bank of America purchased the failing Countrywide Financial for $4.1 billion.
[8] [9] The United States has home ownership rates comparable to Europe, but overall default rates are lower in Europe than in the United States. [8] Mortgage loan financing relies more on secondary mortgage markets and less on formal government guarantees backed by covered bonds and deposits.
Between April 30, 1997 and February 1, 2005, PHH was a wholly owned subsidiary of Cendant Corporation (now known as Avis Budget Group) and its predecessors that provided mortgage banking services, facilitated employee relocations and provided vehicle fleet management and fuel card services.
American Home Mortgage said that it would earn less and pay out a smaller dividend to its shareholders because it was being asked to buy back and write down the value of Alt-A loans made to borrowers with decent credit; causing company stocks to tumble 15.2 percent. The delinquency rate for Alt-A mortgages has been rising in 2007.
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