The mortgage industry suffered a huge setback yesterday as 'American Home Mortgage' was the first large lender to fold in the market place. It's unfortunate for their employees and clients to be told on the last day of the month in July that they were not going to make payroll, nor fund the $400,000,000.00 of loans across the country that were due to settle on July 31, 2007. Unfortunately, this seems to be the first of many mortgage companies that are having financial troubles and are cutting-off their funding for popular loan programs.
Read the Washington Post article here.
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