July 31, 2007

There's something you don't see everyday... American Home Mortgage (AHM) falls 85% after trading resumes


Wow.


50 comments:

Anonymous said...

Beautiful!

wawawa said...

Should I buy some shares now, or this POS will go to 40 cents.

Montana Bear said...

Best laugh by far, today!

Anonymous said...

AHM will be $0 within days

Anonymous said...

Now the whole market has the flu and is selling off.

Anyone think they held AHM up so it wouldn't pile on the fear from where the market ended last week? Give things a couple of days to rebound and stabilize.

keith said...

Indymac is now down for the day after being up 20% at one point

These stocks are insane

Stock holders can hit the sell button at any time (except AHM - those holders lost everything and had no chance to sell)

I bet home"owners" wish they had a sell button right about now

Anonymous said...

AHM investors thought they had a nice dividend paying stable stock and lost it all

Gotta suck

Anonymous said...

Once it falls below $1, NYSE will act fast to delist. Having headless corpses lying on the floor isn't good for trading confidence.

Anonymous said...

Ouch, markets down on AHM news, where's the DOPES troll?

Anonymous said...

What about Sowood????


A $3 billion hedge fund which has blowed up!

Anonymous said...

Me thinks the PPT has been pulling very hard but the rope is slipping through their hands now. The next three days will be interesting.

Anonymous said...

Yeah where's the troll now????

keith said...

They had 7,400 employees

Had.

That's 7,400 REIC who'll come here and call us DOPES!

You'll start hearing stories about how these employees had all their savings in AHM stock too I bet.

I truly feel sorry for them.

Anonymous said...

How many AHM employees are going to come on here and say the company had over $2 billion in cash (and a kazillion in warehouse lender credit) a month ago to easily handle any problems?

area 51 said...

$1.6BILLION evaporated since Feb. high.

keith said...

The had a 34 year old in charge of Capital Markets. You gotta believe he was the one who screwed the pooch. But he'll be fine - he pulled down $3.2 million last year. Not bad. But hope he didn't have a big mortgage - it's gonna be tough getting new work with "American Home Mortgage" on the resume. Like "Enron" this one will have a stink for awhile

Mr. Robert F. Johnson Jr., 34
Exec. VP of Capital Markets $ 3.25M N/A

Anonymous said...

I think the PPT is doing lines of blow with Cramer now

42 said...

*&#(*#$&%^*(

was gonna buy AHM puts Friday but got busy at work and by the time I remembered it was like 4:30. Sept $10 for 2.60 are now 8.80

oh well, there's always MTG and RDN.

Anonymous said...

You know it's getting bad when Maria takes a jab at co-anchor Dylan Ratigan...

Anonymous said...

"THE TROLL HATES OUR FREEDOM!"

area 51 said...

FLASH:
IMB Net slides 57%
Stock is taking a dump.
Good call Keith

http://tinyurl.com/2spc3x

Anonymous said...

And yet Yahoo runs the headline--"Consumer sentiment at a 6-year high"......WTF????

Americans better pull their collective heads out of their A$$'s before it is TOOOOO late!! All that shopping isn't going to get you anywhere!!!!!!

Looking at the Stock Market everyday is just like looking at a giant Roulette wheel--Absolutely ZERO rhyme or reason! Millions and millions of investors might as well have gone to Vegas and Blown it there.

SUB-MERGED!! said...

PPT!! Get ready to do some serious OT!

Tom said...

I can't pleasure in this kind of thing despite my viewpoints on the lending industry. There are some retirement funds out there holding AHM that are gonna take a hit. Like everything else, its always the little guy who takes it in the end.

According to what I read about AHM, they are basically insolvent. Looks like the amount of money they would need to raise to cover their exposure to the existing loans is some huge ass stratospheric number. So they are likely Chapter 11 shortly. (Or Chapter 7 more likely)

Ouch is all I can say.

coffee is for closers still solvent said...

You know you're a F'd lender when the PPT doesn't step into save you...

Anonymous said...

Who are the suckers buying AHM? This co. is going bankrupt.

http://tinyurl.com/33yhyd

American Home plunges on bankruptcy concern
Mortgage lender hires advisers for 'orderly liquidation of assets'
By Alistair Barr, MarketWatch
Last Update: 3:20 PM ET Jul 31, 2007

SAN FRANCISCO (MarketWatch) -- American Home Mortgage Investment Corp. said Tuesday it has missed margin calls from its lenders and hired advisers to consider strategic options including the liquidation of its assets.
Shares of the company plunged 90% to $1.04 on concern the company may file for bankruptcy protection.
"They will either file for bankruptcy or do some sort of material restructuring that will leave equity investors with very little," Bose George, an analyst at Keefe Bruyette & Woods, said in an interview. "It sounds like there's very little capital left."

michael said...

"A $3 billion hedge fund which has blowed up!"

heh..heh...BLOWED 'EM UP!!!!

BLOWED 'EM UP REAL GOOD!!!

borkafatty said...

Ya how about a $1.44

What A steal! (Punt Intended)

Anonymous said...

Looks like the PPT went in a little early this afternoon. Markets will close on a downward trend. Oops!

Pity Party said...

Before you guys start gushing sadness over the demise of AHM read these comments from one of their trolls in Md to a news website in Feb of 2007:

“Personally, I partially blame the media for the bubble-bursting scare tactics they use to get you to watch the evening news because they know most of America bought a home in the last decade,” says Combs."

"In short,” says Combs, “Real Estate is always a great long-term investment. Timing indicates the rate of return but in the long run, well, they aren't making any more land!”

http://tinyurl.com/2epdoo

Do you really feel sorry for folks like this that make the infamous "they're not making any more land" statement to scare the public?

Anonymous said...

AHM really crapped on the market!

How many other turds are coming?

Anonymous said...

Sorry, but I like this:

"THE TROLL HATES OUR FREEDOM!"

Mark in San Diego said...

Can't leave the computer for an hour and all hell breaks loose. . .Dow was up 60 when I left, now down 155. . .can we say DEPRESSION boys and girls????? No funding for ANYTING!!!!!

coffee is for closers still solvent said...

Man, just think of all the sheeple that will get home tonight and turn on the news or their computers and find out that their AHM stock is now at just above $1.00.

Think Joe Sixpack will hit the "SELL" button? I bet it gets delisted tomorrow.

This is the end, my only friend, the end (fade to lights out).

Anonymous said...

American Home Mortgage (AHM) falls 85% after trading

"It is still a buyer's market - we just need more buyers"

Ron said...

I think the Dopes troll is hugging his radio in the fetal position looking for Rush or Hannity to spoon feed him some good news.

Corrupted States Of Kleptocracy said...

AHM Bankruptcy was predictable to those in charge I bet.

What is the 'end game' for a fly by night mortgage lender? Go full speed until the crash and die with as much debt as you can pile on. Thats the game!

They guys at the top can all retire now if they can avoid criminal/civil prosecution which is usually the case they 'didnt see it coming'! riiiiiight.

This is what you must learn in business school, how to fly a company into the ground but bail out with a golden parachute at the right time.

Its also nice that the liability for the 'fraud loan legal timebomb' just when outta business. Why else would there be a premium of 16k+ per loan paid to the broker? Its the fraud/liabilty premium. Origination risk goes on the long gone broker.

Anonymous said...

"It is still a buyer's market - we just need more buyers"
------------------------------------

I love that quote from a couple of days ago.

We just need more buyers.... makes me smile every time.

Anonymous said...

Where are the Clowns?

I mean the trolls.

They tout the market whenever it goes up and then the next day when its down they are no where to be found.

Over a 250 pt drop from teh dialy high in the last few hours of trading, down almost 150 pts for the day, sub-prime slime the main reason for the drop and yet all the trolls that say everything is fine and the experts that say everything is contained are nowhere to be found. Humm!

Paco Bell said...

I wonder if the execs of AHM have been dumping options like Mozilo and his gang were up, until the recent announcement.

Compared to CFC, AHM's insider activity looks absolutely normal.

Anonymous said...

HOLY CRAPPPPPP!!
Think about it Peeps...If AHA, which is NOT a Subprime Lender,and is the 10th largest in the US is going TITS UP, then there are many big companies to follow, and I mean BIG--$$$$ Put your money under your mattresses now, that will be about the only place it's safe real soon. YIKESS

Vandal said...

This is sucker is toast...gotta love the business "crapspeak" they put out...

"seeking the course of resolution, in this environment, that is least disruptive to its business"

" evaluate ``strategic options.''"

They had nearly 4 days from Friday to pull a miracle out of their ass and failed.

Their laser printers are probably jammed with pink slips and resumes at the very moment. Watch for a notice of mass layoffs to hit any day now, they probably don't have the cash for another month of payroll.

Anonymous said...

These Days, the Dow's Big Swing Don't Mean a Thing (http://www.washingtonpost.com/wp-dyn/content/article/2007/07/30/AR2007073001588.html)

Nothing to worry about folks according to this WaPo columnist.

phil0101 said...

My browser is yahoo, and the cramer video still plays.

a.creampuff said...

"Dopes" troll didn't get that "what's going to happen Monday" thing was just a fun guessing game.

borkafatty said...

"...people make less money now than they did nearly five years ago. If this trend continues, the impact on housing and lending markets could be devastating." This is not a "subprime" problem, folks, its a median income problem. And we've been living in denial of it for way too long (or at least, the MSM talking heads and the politicos have).

---

I'll drink to that

eye see angry people said...

I wonder when we'll start seeing the stories about the AHM loans that closed recently and it turns out there's no money to back the checks up?

Or the folks that terminated their leases and moved out of their homes only to find out at the closing table there is no loan?

Lots of loans are booked to close at the end of the month...

borkafatty said...

Could someone please wake Mr.Bush from his drunken stoop.

The Country is heading down the Toilet Sir.

So when do the Overseas Failures start?

Anonymous said...

"Who are the suckers buying AHM? This co. is going bankrupt."

I suspect a fair amount of buyers are shorts closing their mega-winning positions to move on to the next mortgage co. to circle the bowl.

confident consumer said...

AHM UP 34% TODAY AS OF 2PM

BWA HA HA HA