Mortgage companies take their hit on Wall and Broadway

[RB TexLa]

American Home Mortgage's plummet continued to drag down the financial sector Friday, as other lenders bore the brunt of a residual share-price beating.

AHM, based in Melville, N.Y., announced last night that it's laying off 6,000 workers, or roughly 90% of its workforce, as it shuts down most of its operations due to deteriorating housing-market conditions. CEO Michael Strauss said market conditions have left the company with "no realistic alternative." Shares gave up 52.1% to 69 cents in a flurry of trading Thursday.

Several other lenders charged downhill on AHM's heels, including Impac Mortgage, which slid 26.2% to $1.66; IndyMac Bancorp, off 6.6% to $19.66; Fremont General, down 16.5% to $4.49; and CIT, which lost 4.9% in heavy trading.






http://www.thestreet.com/s/fridays-financial-winners-losers/newsanalysis/winnersfinancial/10372301.html?puc=_tscrss

[Tandalayo_Scheisskopf]

1. I hate to see this happen to the workers...

But as for these companies? Fuck 'em gently with a chainsaw. They saw it coming, it was no secret. Running the companies into the ground was part of the overall plan.

[Liberal_in_LA]

2. Bump! Wonder how long Bush will keep saying the economy is good