Investor Wilbur Ross Jr., a bottom-fisher who has made millions investing in ailing steel plants, has emerged as the leading bidder for the mortgage servicing platform of the bankrupt American Home Mortgage, Melville, N.Y.The sale, however, needs to be approved by a bankruptcy judge in Wilmington, Del., where the company filed for Chapter 11 protection in August. According to the Quarterly Data Report, AHM services about $45 billion in residential loans, ranking 24th nationwide. At a speech Tuesday night in New York, Mr. Ross said that eventually the company would fund mortgages again. AHM was a Fannie Mae/Freddie Mac approved lender/servicer. It also played in the jumbo and alternative-A markets. The real estate investment trust can be found online at http://www.americanhm.com.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry