American Home postpones $1.62 billion mortgage loans auction

By Reshmi Basu

New York, Sept. 4 - American Home Mortgage Investment Corp. postponed its proposed $1.62 billion sale of mortgage loans owned by non-debtor affiliates Broadhollow Funding, LLC and Melville Funding, LLC to Sept. 24 from Sept. 11, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

Bids will now be due by 4 p.m. ET on Sept. 18.

Meanwhile, the sale hearing has been moved to Oct. 1 from Sept. 12.

As previously reported, the 5,700 mortgage loans to be sold include fixed-rate, adjustable-rate, balloon and interest-only loans.

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

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