Just when many thought the sub prime debacle was about done, American Home Mortgaage fired its 6200 workers and went into Chapter 11 Friday, and issued a cease funding order, effective immediately.
AHM,the 10th largest mortgage company in the country traded at 39/share a year ago, and 12/share a week ago, was apparently the subject of multiple margin calls last week. It was a major player around the country and here in Charlotte. A lender friend told me of a closing that had taken place with a local builder, but that AHM wouldn't fund.
This seems an excellent time to share a terrific post on credit, what to do now if you are planning on buying a home in the near future. Rhonda Porter walks you through a step by step guide to getting the best rate, if you are a 1st time buyer, a move-up buyer or are refinancing a variable rate in the next 6-12 months. Here is what you should be doing now, its well worth the read.
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