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Alt-A Lender Recinds Earnings Guidance In Wake Of Loan Losses

Another big mortgage corporation has sent out early warning signals about its financial health in the wake of the virtual collapse of the subprime mortgage market.

So what? Subprime lenders have been falling under the bus for months; at least a dozen have shuttered offices, had warehouse lines closed by big banks, or stopped accepting loan applications and started auctioning portfolios. But American Home is not a subprime company. In fact in March the company issued a press release to clear up any "confusion" about the type of loans it offers: at that point subprime mortgage represented less than 1% of its total loan portfolio.

The company specializes in so called Alt-A loans.