American Home Mortgage Investment Corp. (NYSE: AHM) is a mortgage real estate investment trust (REIT) focused on earning net interest income from self-originated loans and mortgage-backed securities, and through its taxable subsidiaries, from originating and servicing mortgage loans for institutional investors. Its loan servicing segment includes investments in mortgage servicing rights, as well as servicing operations. It securitizes all of the adjustable-rate mortgages (ARM) and holds the securities. It also sells its fixed-rate loans to Fannie Mae or Freddie Mac. American Home Mortgage originates loans through subsidiary American Home Mortgage Corp., which conducts business under some 35 different aliases.
Loans Funded by American Home Mortgage Investment Co.
- Home Equity Loans
- Refinance Mortgages
- Debt Consolidation Loans
- Home Equity Lines of Credit
- Bad credit Mortgage programs
The Company started as American Home Mortgage Holdings, Inc. and was engaged only in the origination and servicing of mortgages. As a result of the acquisition of Apex Mortgage Capital in December 2003, the Company elected to reorganize as a REIT and changed its name to American Home Mortgage Investment Corp., the new parent company of American Home Mortgage.
The merger and American Home Mortgage Investment Corp.’s election to be treated as a REIT, allows the Company to diversify its sources of revenue and permits the distribution of its dividends in a more tax-efficient manner to its shareholders.
The Company’s earnings are diversified between net interest income from holdings of mortgage-backed securities, mortgage originations and mortgage servicing. Under this model, the Company has reduced its sensitivity to rising interest rates.
Recent American Home Mortgage Investment Co. News
American Home Mortgage Investment Corp. announced that its Board of Directors has declared a quarterly cash dividend of $0.91 per share on the Company’s common stock, a quarterly cash dividend of $0.609375 per share on the Company’s 9.75% Series A Cumulative Redeemable Preferred Stock and a quarterly cash dividend of $0.578125 per share on the Company’s 9.25% Series B Cumulative Redeemable Preferred Stock.
The common stock dividend is payable on April 28, 2006, to shareholders of record as of April 7, 2006.
The Series A Preferred Stock dividend is payable on May 1, 2006, to shareholders of record as of April 7, 2006.
The Series B Preferred Stock dividend is payable on May 1, 2006, to shareholders of record as of April 7, 2006.
American Home Mortgage Investment Corp. announced that it has signed a definitive agreement to acquire Waterfield Financial Corporation, a subsidiary of Union Federal Bank of Indianapolis, which includes 46 retail, wholesale and correspondent mortgage loan production branches in 16 states. This will increase the size of the company significantly, and expand the operative footprint as well.
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