American Home Mortgage Corporation

American Home Mortgage

American Homes 4 Rent, the second-largest landlord for single-family U.S. homes, said it plans to market bonds backed by some of its more than 21, 000 rental properties after Blackstone Group LPs Invitation Homes completed the first deal of the type this week.

American Homes plans to start marketing the transaction within 90 days, it said in a statement today. Wells Fargo & Co. has been working on a securitization for the Agoura Hills, Calif.-based company, a person with knowledge of the matter said last week, asking not to be named because the information is private.

We are very excited to finalize the details to take advantage of this new capital opportunity, American Homes CEO David P. Singelyn said in the statement. The offering may help the company reduce our cost of capital over the long term, he said.

The $479 million of debt sold by Invitation Homes may herald a slew of additional deals by institutional rental-home operators that have mainly relied on banks for financing since the industry emerged amid the U.S. housing slump, according to analysts at Deutsche Bank AG, which structured the offering.

Securitized loans backed by home rentals totaling in the billions is not out of the question by this time next year, the New York-based analysts Harris Trifon, Ying Shen and Doug Bendt wrote in a Nov. 5 report. Indeed, barring another recession, we find it hard to imagine how a relative flood in deals wont happen in the next year or two.

Public Storage founder B. Wayne Hughes created American Homes to take advantage of record foreclosures and tightened mortgage lending, raising money from investors including the Alaska Permanent Fund Corp. The firm raised a gross $887 million in August with an initial public offering and private placement of shares to investors including the Alaska fund, which invests royalties from state oil revenue.

American Homes last month sold $110 million of preferred shares in what potentially was the first financing thats tied to increases in home prices, the cost of which starts at 5% and can rise to as high as 9% through 2020, according to a filing with the Securities and Exchange Commission.


American Brokers Conduit: a growth story; Late last year, American Home Mortgage Investment Corporation took on a new REIT structure. It hopes to use ... Stategies): An article from: Mortgage Banking
Book (Mortgage Bankers Association of America)

Nader predicted financial collapse 8 yrs ago..

2008-09-17 15:27:03 by jaxgal618

RALPH NADER PREDICTED WALL STREET MELTDOWN 8 YEARS AGO

Eight years ago, consumer advocate Ralph Nader correctly predicted that the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) were on track to follow the savings and loan industry of the 1980s and 90s into a big financial heap of trouble. Nobody listened, and taxpayers are now at risk of losing tens of billions of dollars. Wall Street is being shaken to its foundation. American International Group Inc., the biggest U.S. insurer by assets, is now teetering on the brink of ruin after suffering losses of $18 billion in the past three quarters, largely...

Liberals caused This Great American Disaster

2012-12-03 19:10:47 by CL-FallOut

Fannie Mae Eases Credit To Aid Mortgage Lending
The New York Times
September 30, 1999
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans

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