Mortgage REIT Lowers Earnings Projections

American Home Mortgage Investment Corp., Melville, N.Y., has announced that it expects lower income in the first quarter and in 2007 overall than previously forecast due to conditions in the secondary-mortgage and mortgage-backed securities markets.Conditions in those markets "changed sharply" in March, with "far few buyers offering materially lower prices," said Michael Strauss, American Home's chairman and chief executive officer. "These changes had a significant, adverse impact on our company's first-quarter results, reducing our gain-on-sale revenue and causing mark-to-market losses in our portfolio," he said. The company, a real estate investment trust, said its earnings will probably range from $0.40 per share to $0.60 per share in the first quarter and from $3.75 per share to $4.25 per share for the year. The mortgage REIT can be found online at http://www.americanhm.com.