Tuesday, September 18, 2007
More Troubles with American Home Mortgage
Bankrupt lender American Home Mortgage Company is bouncing checks that were supposed to pay the property taxes of more than 70 homeowners in the Baltimore metropolitan area, and Baltimore County has stopped accepting checks from the company. Meanwhile, attorneys for former employees claim the lender is improperly trying to seize $27 million in retirement funds to pay its creditors. American Home Mortgage was the nation’s 10th largest mortgage company until it crashed in midsummer, a victim of the subprime crisis.