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American Home plunges almost 90 percent on bankruptcy concern |
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08:06, August 01, 2007 |
Shares of American Home Mortgage Investment Corp., a major home loan lender, plunged almost 90 percent Monday on concern the company may file for bankruptcy protection.
American Home has specialized in adjustable rate mortgages and so-called Alt-A loans, which often require little or no documentation of a borrower's income.
The company said Tuesday that 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 89.11 percent to 1.14 dollars.
Source: Xinhua
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