New York State Banking Department Issues Suspension Order Against American Home Mortgage
August 3, 2007
New York, NY: The New York State Banking Department issued a Suspension Order against American Home Mortgage, Melville, NY on Thursday, August 02, 2007. The Order, which went into immediate effect, was issued in response to American Home Mortgage’s recent defaults in performing its financial obligations to fund mortgage commitments.
American Home Mortgage’s mortgage banker license is suspended for a period not exceeding 30 days from the date of the Order. During this 30-day period, American Home Mortgage is prohibited from soliciting or accepting mortgage applications. However, this suspension does not prevent it from fulfilling its obligations under contracts entered into before August 2, 2007.
TheNew York State Banking Department is the regulator for all state-chartered banking institutions, nearly all of the United States offices of international banking institutions, all of the State’s mortgage brokers, mortgage bankers, check cashers, money transmitters and budget planners. The aggregate assets of the depository institutions supervised by the Banking Department are more than $1.8 trillion.
In addition to regulating banking institutions, the Banking Department is active in informing and educating all New Yorkers on banking matters. To contact the Banking Department, please call 1-877-BANK-NYS or visit our Web site at www.banking.state.ny.us.