When Numbers Lie

"We will follow developments in the subprime market closely. However, fundamental factors--including solid growth in incomes and relatively low mortgage rates--should ultimately support the demand for housing, and at this point, the troubles in the subprime sector seem unlikely to seriously spill over to the broader economy or the financial system."

Chairman Ben S. Bernanke
June 5, 2007

American Home Mortgage Undertakes Substantial Reduction of Employee Base and Operations Aug. 2, 2007

American Home Mortgage Investment Corp. (NYSE:AHM) today reported that, in light of the liquidity issues resulting from extraordinary disruptions occurring in the secondary mortgage market, the Company has determined to significantly reduce its operating structure as it seeks the most appropriate course of resolution to preserve the value of its remaining assets.


From AHM 10-K for period ending 12/31/2006:

Mortgage-backed securities owned

$9.3 billion- Total Portfolio
$8.5 billion - AAA Rated
91.6% AAA

Loan Origination Summary

Prime Loans - 91.1% of all loans originated
Alt-A - 8.9%
Non-Prime - 0%


Cumulative 5 year GAAP Net Income

$682.1 million


Return on Equity

12/31/2006 - 22.74%
12/31/2005 - 28.05%


Book Value

$1.27 billion
$25.19 per Share