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More on the AHM Meltdown

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More on the AHM Meltdown

Unread postby Roccland » Sun 29 Jul 2007, 09:31:56

Appears the brokers were paid the dividends that in turn they paid out.

Brokers left holding the bag for all or part?

Guess we will find out Monday when AHM is delisted.

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Re: More on the AHM Meltdown

Unread postby Roccland » Sun 29 Jul 2007, 17:57:47

Margin Calls!! Don't answer the phone!!!
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Re: More on the AHM Meltdown

Unread postby Zardoz » Sun 29 Jul 2007, 19:25:16

Oh, shit...
"Thank you for attending the oil age. We're going to scrape what we can out of these tar pits in Alberta and then shut down the machines and turn out the lights. Goodnight." - seldom_seen
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Re: More on the AHM Meltdown

Unread postby Roccland » Sun 29 Jul 2007, 20:49:25

Asian markets (down) waking up to this...
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Re: More on the AHM Meltdown

Unread postby Baldwin » Sun 29 Jul 2007, 21:45:08

Time to strap on your helmets and make a mad grab for cheap bullion...
Only a city man would carry a bag of iron instead of a bag of rice.

-Ling Tan, from the movie Dragon Seed, 1944 (more wisdom from Turner Classic Movies)
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Re: More on the AHM Meltdown

Unread postby Tanada » Sun 29 Jul 2007, 22:12:23

$this->bbcode_second_pass_quote('Baldwin', 'T')ime to strap on your helmets and make a mad grab for cheap bullion...


I am getting a very bad feeling about this, how far is this gonna spread before it dies out?
$this->bbcode_second_pass_quote('Alfred Tennyson', 'W')e are not now that strength which in old days
Moved earth and heaven, that which we are, we are;
One equal temper of heroic hearts,
Made weak by time and fate, but strong in will
To strive, to seek, to find, and not to yield.
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Re: More on the AHM Meltdown

Unread postby Eli » Sun 29 Jul 2007, 22:22:18

Yeah this is not going to stop for awhile.

It is funny to see, it is like a Ponzi scheme collapsing the guys at the top all want to get paid now.

If the Yen continues to rise that is when it will be a real run on the markets. trillions are tied up in the carry trade and with the dollar losing ground and the yen rising people are going to be running to get rid of their dollars.

It is weird to see so many bad things happening at once in the financial markets.
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Re: More on the AHM Meltdown

Unread postby Zardoz » Mon 30 Jul 2007, 01:44:42

$this->bbcode_second_pass_quote('Eli', 'I')t is weird to see so many bad things happening at once in the financial markets.

This guy undoubtedly agrees with you 100%:

Subprime’s Other Victims: The Yacht-Owners

$this->bbcode_second_pass_quote('', 'H')is rewards could be counted by the Renoirs and Cezannes hanging in his South Florida home. One analyst told The Times: ‘’I don’t think there is anyone in the business who wouldn’t want to be John Devaney.'’

But as with so many other investors, Mr. Devaney was sunk by subprime, and the Horizon ABS funds he manages suspended investor redemptions earlier this month.

C'est la vie...
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Re: More on the AHM Meltdown

Unread postby Twilight » Mon 30 Jul 2007, 02:55:40

$this->bbcode_second_pass_quote('BBC', 'D')utch bank ABN Amro drops its support for a takeover bid from Barclays. More soon.

It's OK, it's contained.

(I guess they had to sit down and recalculate it all.)
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Re: More on the AHM Meltdown

Unread postby Roccland » Mon 30 Jul 2007, 09:45:59

I am seeing AHM in premarket go from $10.57 (Friday) to the $5.00 range.

50% haircut!!!!!

This will go over as well as Bear Stearns did.
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Re: More on the AHM Meltdown

Unread postby Roccland » Mon 30 Jul 2007, 11:05:45

BK in the wind...

$this->bbcode_second_pass_quote('', '"')Bankruptcy is not out of the question," said Matt Howlett, an analyst at Fox-Pitt Kelton Inc. in New York. "It needs to find a partner with alternative funding and hope the market turns around. It's going to be tough."

He added, "It's clear now we're in a liquidity crisis. Any loans that aren't pure prime are falling in value."

American Home did not immediately return a call seeking comment.
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Re: More on the AHM Meltdown

Unread postby Eli » Mon 30 Jul 2007, 13:14:34

The important thing to also remember is if these guys are getting margin calls from the bank what other major or mortgage companies are going through this same process?


Good luck finding a partner, the crazy LBO money is gone.

Yeah this credit crunch is being contained just like little boy was contained when it was dropped on Hiroshima.
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Re: More on the AHM Meltdown

Unread postby MacG » Mon 30 Jul 2007, 14:15:20

Well, from following the news the last six months, that containment thing seems to be spreading.
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Re: More on the AHM Meltdown

Unread postby Roccland » Mon 30 Jul 2007, 14:32:38

And the "containment" continues...another hedgy in trouble...

Citadel Takes Over Sowood Capital's Credit Holdings
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Re: More on the AHM Meltdown

Unread postby Roccland » Mon 30 Jul 2007, 20:53:41

$this->bbcode_second_pass_quote('', 'I')ndyMac Deal for AHM Retail Off?

IndyMac Bancorp, Pasadena, Calif., has broken off talks with American Home Mortgage about buying all or part of that troubled lender's retail platform, industry executives familiar with the deal have told MortgageWire.


need subscription...looks like AHM is cleared for BK

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Re: More on the AHM Meltdown

Unread postby Roccland » Tue 31 Jul 2007, 17:56:44

CEO has resigned...stocks down 89% and now this;



$this->bbcode_second_pass_quote('', 'M')ORE FALLOUT FROM AHM COLLAPSE

RAIT Financial says American Home has not made payments
Tue Jul 31, 2007 3:49PM EDT

July 31 (Reuters) - RAIT Financial Trust (RAS.N: Quote, Profile, Research) on Tuesday said American Home Mortgage Investment Corp. (AHM.N: Quote, Profile, Research) has not made payments of trust preferred securities due on July 30.

In a statement, the real-estate investment trust said it has net equity exposure of about $95 million, or $1.56 per share of book value, to American Home.

Earlier in the day, American Home, a large U.S. mortgage provider, said it can no longer fund home loans and may liquidate assets, putting its survival in doubt. (Reporting by Swagata Gupta in Bangalore)

RAIT was down 35% today!!!
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Re: More on the AHM Meltdown

Unread postby Zardoz » Tue 31 Jul 2007, 20:40:02

Oscar The Death Cat was spotted in AHM's corporate HQ today:

American Home Mortgage's survival in doubt

$this->bbcode_second_pass_quote('', 'A')merican Home Mortgage Investment Corp. said on Tuesday it can no longer fund home loans and may liquidate assets, putting its survival in doubt and sending its shares plummeting 90 percent.

The large U.S. mortgage provider and real estate investment trust said its lenders cut off access to credit, leaving it without cash on Monday to fund $300 million of loans it had agreed to make.

It also expected to be unable to fund $450 million to $500 million of loans on Tuesday.
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Re: More on the AHM Meltdown

Unread postby Roccland » Tue 31 Jul 2007, 21:10:31

Hmmmmmmm....

$this->bbcode_second_pass_quote('', '
')The Macquarie Bank headquarters in Sydney.
Aug. 1 (Bloomberg) -- Macquarie Bank Ltd., Australia's largest securities firm, said investors in some of its high- yield funds may lose as much as 25 percent of their money amid the fallout in U.S. subprime mortgages.

Macquarie Fortress Investments Ltd. was forced to sell assets and use the proceeds to reduce borrowings and comply with lending covenants, it said in a statement. Investors may lose A$300 million ($255 million), the Australian newspaper reported earlier.
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Re: More on the AHM Meltdown

Unread postby Eli » Tue 31 Jul 2007, 21:45:18

Combine that with Bear Sterns story in another thread and the picture becomes clear.

Things are looking rather grim.
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Re: More on the AHM Meltdown

Unread postby Eli » Tue 31 Jul 2007, 21:48:27

Combine that with Bear Sterns story in another thread and the picture becomes clear.

Things are looking rather grim. Oh what a pretty kitty cat....aargh.
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