#88

Tuesday Jul 24

Home Loan give it to them.

1,000,000 dollars yes

They missed five payments.

Ok write it off. Done

Resell the mortgate to these bankers for 70 cents on the dollar.

Resell the mortgate to these bankers for 50 cents on the dollar.

Resell the mortgate to these bankers for 25 cents on the dollar.

Resell the mortgate to these bankers for 10 cents on the dollar.

Resell the mortgate to these bankers for 39 cents on the dollar.

Now forclose on the home.

What did it sell for? 800,000 dollars.

Now what do we do? Well we got 700,000 of our 1,000,000 back.(300,000) Loss

The second banker got 500,000 of their 700,000.(200,000) Loss

The third banker got 250,000 of their 500,000.(250,000) Loss

The fourth banker got 100,000 of their 250,000.(150,000) Loss

The fifth banker got 390,000 of their 100,000.(290,000) Gain

The sixth banker got 800,000 of their 390,000.(410,000) Gain

the fifth and sixth banker made out big. Well, yes now they have to pay taxes and we have carry forward losses against future gains.

Bob

SIGNING ORIGINAL NOTES - CHANGING HUD-1’s & FINAL TILDS

|#48

Sunday Jul 29

Oh and lets not talk about the FRAUD that goes around in this company. YES FRAUD. Like people promote signing Original Notes because they are too lazy to send it out to the borrower or changing Final Hud-1's and Final Til's in imaging. Who used to do this, MICHELE AND LORI used to promote this all the time. Need Proof, go to Sharon Richard's computer and see all the documents she forged in imaging. It's amazing how this company is still running. All they have to do is audit the imaged documents and see all the changes that were made. This company will do anything to make money. But in the end it will go downhill.

BUHBYE!!

DEHYDRATED

AOL

bob wrote:

American Home is a very Stable Company especially it's very profitable wholesale division ABC. Please report accurately.

That's such a joke.
It doesn't really matter. Wait until the right people find out that the loans that they're reporting as NOT being Alt-A loans, but conforming loans, are really Alt-A loans as well and are just being reported incorrectly. They'll be done then.

New AHM employee

AHM wanted to pay the local appraiser 250.00 and charge the borrower $450.00 for a appraisal.


Former Retention LO

|#78

Thursday Aug 2

AHM Mgr wrote:

<quoted text>
It's not "goes around, comes around" for employess. They are the innocent ones in this. By the way, the Irving, TX office should be fine as it's in the west division. Conf call in 4 minutes.

It is what goes around comes around for the deceptive acts done by the LO's who placed individuals in bad loans, as well as the company that would allow such deceptive acts to take place. When speaking with borrowers and reviewing imaged documents it was more than obvious that fraud had been committed through forged VOE's and blatant lies on applications. As far as the indiviuals in Irving like I said I wish them the best.

AOL

Jul 12, 2007

They got more enough problems ahead with their SOX IT audits. Already they failed it twice in a row for repeat violations.

whataboutbob

Angry at 520 wrote:

I figure I can make some money as an "expert witness" in the upcoming class action lawsuits. I just want to return the gratitude that the AHM brass has shown me and my co-workers. I also want to make sure that justice is served, and that the guilty die in prison.

So article (ii) of the class action suit states:(ii) the Company was experiencing increasing difficulties in selling its loans and, therefore, was required to decrease prices, thereby reducing margins and profits.

Wait'll they find out that a good percentage of our woes came from old-fashioned cut & paste fraud. Can't get a borrower to sign a "corrected" TIL, just sign it yourself. Can't get a borrower to sign a 1003? Just sign that as well. Note incorrect? Cut and paste together one that the investor will buy.
This was a culture of corruption from top to bottom. With the pressure to sell loans coming from the top.

So, I don't know if I'm unemployed yet or not, no one wants to be straight-forward with us. But tell you what, I'm gonna be straight with the plantiff's lawyers.
Here's their info if anyone else wants in:
Glancy Binkow & Goldberg LLP. Please contact to obtain a copy of the Complaint by email at info@glancylaw.com, or visit our website at http://www.glancylaw.com .
You are urged to contact Lewis Kahn, Managing Partner, KGS, via email at lewis.kahn@kgscounsel.com
See you in court.

|#110

Monday Jul 30

Okay...you say that they are a great company.????? I worked for that rat infested company for 5 years.I decided to leave to make a better living for my family.Please explain how they take care of their Empoyees????When I made this decision,I called all reps,managers,Supervisors to help me transfer.They didn't help in anyway,yet on the b2bmortgagesolutions.com..ther is an overveiw of having relocation services.What kind of company makes you take out a loan for your pay check because they wanted to buy another company and then have you pay them back????????I worked with corporations from different states.In order for us to get rid of these loans...we would have to create Orginal documents to send to these state departments(if you know what I mean).Have you also heard of CUT and PASTE well yeah we ALL did it working for AHM and everyone who ever worked there or still works there knows what I am talking about.We were always told to do what we had to do to get rid of these loans so that AHM wouldn't lose the money or have to pay penalties.Now what kind of GREAT COMPANY was that defaulting an everything that they ever did????? WHAT A GREAT COMPANY!!!!!

Former AHM Employee

Valley Stream, NY

SHARON RICHARDS wrote:

I just wanted to share that Michele forced me to cut and paste legal docs in order for the loan to sell she told Willie the same things

Jul 12, 2007

I feel sorry for those that were laid off without severance or notice - but it does not surprise me. That is typical of AHM - especially the center in IL. The main center in IL is immoral and fraudulent. It does not surprise me that they are in trouble with the foreclosure buybacks and their stock dropping. Management is very good at covering up the fraud so one would have to dig to find it. One good place to look is at all the loans the company makes to it's top management - where they actually select their processors, underwriters and closers so that the loan goes through without a hitch. Would be nice to get preferential treatment and have vacation homes and rentals all over the place! Yes, I was at that company and soooo glad I am not anymore! It is nice to be working for a company that is honest and can still thrive in this market!

Former AHM exec

Jul 11, 2007

Thier going down..I see a sell off & Major accounting issues in the near future. Did they pay overtime to their underperforming Loan officers? As they have to by law? Did they erase the overtime out of the computers like global home loans did? Are they going to try to keep 10 million in loans like Billy Alivaro & his fat gay lover and laywer who's father is on the board for the banking department and paid lots of money to them to keep out of jail and scrutiny & wasz too ..he know they earased the overtime he ordered it from global? Bail before they screw you to the wall. Bail as soon as possable to protect yourself. Thats a sinking ship. I see many similarities in both companies. Do they employ criminals? drug dealers and theves?

Mortgage guy

IMPROPER UNDERWRITING DOCUMENTATION

|#6

Friday Aug 3

The statements that advise that AHM is not at fault and that there was no material misrepresentaion are not accurate whatsoever. I was a long time employee working in the New York Corporate office in various roles throughout my 10 years with the company. I can tell you many closed loan files that were audited internally did not contain proper Underwriting documentation pursuant to AHM guidelines. When the branches responsible for generating these originated loans were asked to supply the missing documentation the answer we usually received was that the material was not available because it was never asked for from the borrower.

|#52

Thursday Aug 2

I left AHM about a month ago due to being offered a more promising position. With all the NegAm loan that ABC originates and AHM services the writing was on the wall as far as the future of the company and the deceptive acts that were accepted to put borrowers into these types of loans. Many borrower were unknowingly put into terrible loans which in turn put their financial futures at risk. I still have friends there and I am concerned for their well being. As far as the company itself I cannot say I feel for the company. The company was in a constant state of confusion and management was for lack of a better word lost. I hope the employees the best. As far as the company itself.....it just goes to show....what goes around does in fact come around!!!

Former Retention LO

|#81

Thursday Aug 2

i think ahm needs to ask themselves why they underwrote files the way they did? qualifing borrower on a neg am loan at 45? doing cash out loan on properties listedon the mls? paying brokers extreme amounts of ysp? this was bound to happen. sorry

AOL

|#10

Sunday Aug 5

I can tell you I lost my job because I refused to sign off on a loans I knew that the borrower should not have the loans.
And I confronted a head underwriter with this and lost my job.
This happened within days.

Jan

|#12

Monday Aug 6

I hope the president and all the crooked employee's go to jail.
They were the worst mortgage company on the face of the earth. We got reemed by a lender who didn't have a clue. We got stuck with a piece of SH_T Arm loan which was only locked for one month. Our interest rate is now 8.5%. They would not work with us to fix the mistake they made. I hope you all go to H_LL.

Former employee

Saint Charles, MO

QUIET LAYOFF PACKAGES FOR TO BUY SILENCE – FOOL SEC and INVESTORS

Jul 12, 2007

What AHM won't tell you though is that they are also laying off their execs. The whole reason the lay offs are happening is because of the low stock price. Mike Strauss did the same thing back in Aug 2003. The stock had gone down and to make the price go up a bit and keep the shareholders happy I received word that I had to do some heavy layoffs. The only difference now is that the AHM execs are getting bit as well. They tell us to keep quiet about it though because once the stock analysts find out that execs are getting layed off they will reduce their analysis even further which can really kill the stock price. I was offered a severemce of 2 months with the threat that they will take the money back if I open my mouth. (Hence the anonymous post.) :)

LIVING IN JERSEY

401K ERISA FRAUD

Jul 13, 2007

I worked for this company and they have great training and marketing, but the company is run by a bunch of crooked folks and losers. There are plenty of good people that work there and they are very innovative, but in the end it boils down to greed.

I left the company willingly after we found out they were handling the 401k illegally. We finally figured out why our 401k profit each quarter was only going up a couple of bucks, because they were funding it last minute before statements went out.......real nice!

Jul 18, 2007

Start your research at Corporate in Melville. The woman in charge of the fraud dept. was fired and the whole dept. revamped because of fraud and lawsuits. They get in trouble every single time there's an audit.

Roxanne

LAW BREAKING LYING CREATURES

|#86

Monday Jul 23

As far as back east, I wish you the best. Because out here in Southern California, tha branches of AHM are cruel, evil, malicious, law breaking, lying creatures. They wont pay Loan Officers, and in return they sue them. Wow, what a company

Angela G

|#100

Friday Jul 27

Well well the Global disease is infested in AHM..they raped and pillaged Global..Billy stole Millions and is going to get away with it. They treated their employees like crap. They had dumb rallies that did nothing more than alienate the management from the staff. Harrison the attorney who's father is on the Banking department board of NYS. These are the people that allow these problems to continue. Now if these people who worked with these guys are at ahm there is a problem for ahm. They are just sucking up paychecks and producing nothing. helping no one as they are useless and no nothing about the business except how to take money and play favorites. As you see that worked well for global. Now if John "Lazy eye" Wazcawiks is @ ahm your really in trouble. That kid is a total dirt bag. Last i heard he was running E-Home into the ground. When he wasn’t performing oral favors for Billy Alivaro..he was screwing over loan officers. They higher criminals like jake fineberg and Brian "juicehead" Murphy. those meatheads do drugs all day and gamble and are called "managers" Ha! the stock is doing great for ahm which shows the confidence of the public. When you take care of people because they are friends and family..this is what happens. You lose, You create a bad name and PR..and the company suffers because more often than not those people are not qualified.
Good luck ahm its a rough road ahead..and your gaining more and more friends by the day..for the person at that extension..find a job your in trouble..Im hearing about a banking department and labor department investigation into AHM as well as the many people mention in this comment. can we say LAW SUIT ,Hostile takover?

Karma

|#112

Monday Jul 30

Mortgage Guy wrote:

Im hearing about a banking department and labor department investigation into AHM as well as the many people mention in this comment. can we say LAW SUIT ,Hostile takover?

If there is an investigation, IT IS ABOUT TIME!!! However, I know in the office I used to work at, files were scrubbed before an auditor looked at them....and I think you can imagine what scrubbing means. Upper management does whatever is necessary to keep afloat and will probably do so in this situation as well

Mortgage guy

|#117

Monday Jul 30

Sally wrote:

If there is an investigation, IT IS ABOUT TIME!!! However, I know in the office I used to work at, files were scrubbed before an auditor looked at them....and I think you can imagine what scrubbing means. Upper management does whatever is necessary to keep afloat and will probably do so in this situation as well

I understand scrubbing but it might have just been a rumor to take over the comany as someone did today. But even scrubbed fikles when checked will reviel fraud if there was fraud conducted. Almost everyone in the business who has done a stated loan has comitted fruad. Thats what the program askes for. The real use is for Self employeed people who dont report thier earning to the government. But, of course you add to people (a couple) incomke togethert to get the monthly income and put it under the one person with the better score. One example. that would be considered fraud. When the facts a re really checked one would see that the verizon supivisor is not makeing 12k a month.

former AHM employee

AOL