American Home closes on servicing business sale; buyer withdraws motion to order closing

By Jennifer Lanning Drey

Portland, Ore., April 14 - American Home Mortgage Investment Corp.'s sale of its servicing business to AH Mortgage Acquisition Co., Inc. has closed, and the buyer has withdrawn its emergency motion asking the U.S. Bankruptcy Court for the District of Delaware to order a final sale closing, according to a Friday court filing.

As previously reported, the court approved the sale of American Home's servicing business to AH Mortgage Acquisition on Oct. 30.

AH Mortgage Acquisition said it sent a letter to American Home on April 7 demanding that the final closing take place, but the company refused, saying that it was not willing to close until it had the consent of Calyon New York Branch in connection with a repurchase agreement issue.

American Home, a Melville, N.Y.-based real estate investment trust focused on residential mortgage loans, filed for bankruptcy on Aug. 6, 2007. Its Chapter 11 case number is 07-11047.

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