American Home Mortgage says faces margin calls
American Home Mortgage says faces margin calls
NEW YORK, July 29 (Reuters) - American Home Mortgage Investment Corp., (AHM.N: Quote, Profile , Research) a mortgage lender, said it has significantly written down the value of its loan and security portfolios, which has triggered margin calls on its credit facilities.
The company said in a statement released late Friday that as a result of the margin calls, it has delayed paying dividends on its common stock, and plans to delay payments on its preferred shares.
These moves will allow the company to keep cash on hand until it better understands the impact of market conditions on its balance sheet and liquidity, American Home Mortgage said.
(Reporting by Dan Wilchins)
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American Home Mortgage a subsidiary of Leonard and Elaine Millman's-MDC Holding, Inc.
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