Continuing mortgage troubles in the US

Posted on August 7, 2007
Filed Under United States |

The fallout from the ’sub prime’ lending crisis in the US continues, with American Home Mortgage Corp (AHM), the countries 10th largest mortgage lender filing for bankruptcy.

The Times reports that “growing numbers of home owners have been defaulting on their payments in recent months, prompting mortgage providers to write down large tranches of debt. The company has stopped lending money to customers and last week lost four of its licences to provide funds to borrowers, including one based in New York”.

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