Fitch Lowers AHM Servicer Ratings

The residential servicer ratings of American Home Mortgage Servicing Inc. have been downgraded from RPS3-plus to RPS3-minus by Fitch Ratings and placed on Rating Watch Negative.The affected ratings were the company's residential primary servicer ratings for prime product, for alt-A product, and for home equity/home equity lines of credit. (Fitch rates residential servicers on a scale of 1 to 5, with 1 being the highest rating.) "The rating actions reflect the announcement on July 28, 2007, by American Home Mortgage Investment Corp., a real estate investment trust, that it would delay the payment of its common stock dividends to shareholders and will likely delay its interest payments on its cumulative redeemable preferred stock in an effort to preserve liquidity in the face of significant market pressure," Fitch said. "The company also announced significant layoffs and indicated it is facing sizable margin calls and was not able to fund its pipeline." Fitch can be found online at http;//www.fitchratings.com.