Major mortgage lender American Home Mortgage is hitting some rough financial times. The company bought Fort Wayne based Waterfield Mortgage in early 2006. Hundreds of Waterfield employees were laid off after the sale. American Home Mortage did hire some of Waterfield's workers who are now again facing layoffs.
Newschannel 15 has learned that American Home Mortgage can not afford to pay its bills and banks have put a hold on all loans to the company. As a result, American Home Mortgage has begun to layoff its Fort Wayne workforce.
On Monday and Tuesday of this week American Home Mortgage failed to fund 800 million dollars in mortgages after banks cut off its loans.
In a statement American Home Mortgage says, "We're looking to resolve this in a way that is least disruptive to our business and to the many thousands of home buyers with whom we have committed mortgages."
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