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From bad to worse for American Home Mortgage.

Newsday (Melville, NY)

| July 31, 2007 | COPYRIGHT 2007 Newsday. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: Daniel Wagner

Jul. 31--Shares of American Home Mortgage Investment Corp., Long Island's sixth-largest company at the end of last year, ceased trading on the New York Stock Exchange yesterday morning after the battered stock plunged nearly 40 percent in a pre-market sell-off panic fueled by the Friday night disclosure that the company is in far worse shape than it had previously acknowledged.

The company's fate was uncertain; an NYSE spokesman said the stock will not trade "pending further news from the company." And a slew of analysts downgraded their expectations for the stock Sunday and yesterday, some to as little as $3.

It is the latest in a run of bad news for a company that had grown exponentially since it moved to Melville in 2000 and began acquiring smaller lenders so quickly that it was ranked last year among the top 10 mortgage bankers in the nation.

American Home has been loath to disclose details of…

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