EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

LOGO

FOR IMMEDIATE RELEASE

American Home Mortgage Investment Corp. Provides Supplemental Information Regarding its Portfolio and Originations

Melville, NY – March 6, 2007– Due to recent events in the market, American Home Mortgage Investment Corp. (NYSE: AHM) believes confusion may have arisen regarding the types of loans it holds and originates. In response, American Home is herewith providing supplemental information by product type regarding the FICO credit scores, the loan to value ratios and mortgage insurance for both its holdings and originations. Additionally, we are providing information regarding our holdings of Pay Option ARM loans including related delinquency statistics.

American Home Mortgage Investment Corp. is a mortgage real estate investment trust (REIT) focused on earning net interest income from self-originated loans and mortgage-backed securities, and, through its taxable subsidiaries, from originating and selling mortgage loans and servicing mortgage loans for institutional investors. Mortgages are originated through a network of loan production offices and mortgage brokers as well as purchased from correspondent lenders, and are serviced at the Company’s Irving, Texas servicing center. For additional information, please visit the Company’s website at www.americanhm.com.

This news release contains “forward-looking statements” that are based upon expectations, estimates, forecasts, projections and assumptions. Any statement in this news release that is not a statement of historical fact, including, but not limited to, earnings guidance and forecasts, projections of financial results and loan origination volume, expected future financial position, dividend plans or business strategy, and any other statements of plans, expectations, objectives, estimates and beliefs, is a forward-looking statement. Words such as “look forward,” “will,” “anticipate,” “may,” “expect,” “plan,” “believe,” “intend,” “opportunity,” “potential,” and similar words, or the negatives of those words, are intended to identify forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that are difficult to predict, and are not guarantees of future performance. As a result, actual future events may differ materially from any future results, performance or achievements expressed in or implied by this news release. Specific factors that might cause such a difference include, but are not limited to: American Home’s limited operating history with respect to its portfolio strategy; the potential fluctuations in American Home’s operating results; American Home’s potential need for additional capital; the direction of interest rates and their subsequent effect on the business of American Home and its subsidiaries; risks associated with the use of leverage; changes in federal and state tax laws affecting REITs; federal and state regulation of mortgage banking; and those risks and uncertainties discussed in

filings made by American Home with the Securities and Exchange Commission. Such forward-looking statements are inherently uncertain, and stockholders must recognize that actual results may differ from expectations. American Home does not assume any responsibility, and expressly disclaims any responsibility, to issue updates to any forward-looking statements discussed in this news release, whether as a result of new information, future events or otherwise.

###

CONTACT:

Mary M. Feder

Vice President, Investor Relations

(631) 622-6469

mary.feder@americanhm.com

American Home Mortgage Investment Corp.

Mortgage Holdings Credit Characteristics

As of December 31, 2006

(Dollars in Millions)

 

   
 		 Principal
Outstanding		   % of
Total		  
 		   WAVG
FICO		   FICO Range     WAVG Orig
LTV % /
CLTV % (1)		   Origination LTV/CLTV Range (1)     % with
Mortgage
Insurance		  
 
 
        %
< 620		     %
620 -659		     %
660 -699		     %700+      

%

< 60

     %
60 -69		     %
70 -80		     %
81 -89		     %90+    

Loans Held for Investment

                            

Pay-option ARMS

   $ 3,023.0   48.2 %   712   0.5 %   11.5 %   30.1 %   57.9 %   76   6.3 %   10.7 %   67.4 %   2.3 %   13.3 %   62.4 %

Other Adjustable Rate

     962.9   15.3 %   716   2.5 %   6.2 %   28.1 %   63.2 %   74   7.2 %   11.3 %   74.8 %   0.9 %   5.8 %   11.5 %

Conventional Conforming Fixed Rate

     613.9   9.8 %   718   1.9 %   5.6 %   29.5 %   63.0 %   73   11.8 %   11.2 %   64.3 %   3.1 %   9.6 %   12.3 %

Alternate A First Lien

     541.0   8.6 %   677   2.7 %   40.0 %   28.9 %   28.4 %   78   3.3 %   6.3 %   82.8 %   1.2 %   6.4 %   15.0 %

Jumbo Fixed Rate

     412.6   6.6 %   728   0.4 %   3.7 %   26.9 %   69.0 %   71   13.8 %   18.1 %   65.2 %   1.2 %   1.7 %   2.7 %

Home equity/Second Liens

     618.4   9.8 %   711   0.5 %   9.1 %   33.7 %   56.7 %   94   1.5 %   1.1 %   4.6 %   9.2 %   83.6 %   0.0 %

Government Fixed Rate

     45.4   0.7 %   647   34.6 %   26.9 %   14.6 %   23.9 %   95   0.8 %   1.1 %   3.0 %   5.7 %   89.4 %   100.0 %

Construction

     57.6   0.9 %   715   5.9 %   9.3 %   17.7 %   67.1 %   80   6.2 %   7.9 %   46.7 %   11.4 %   27.8 %   8.9 %

Non-Prime

     6.7   0.1 %   680   5.8 %   24.4 %   34.5 %   35.3 %   58   30.3 %   0.0 %   63.6 %   2.1 %   4.0 %   0.8 %
                               

Total Loans

   $ 6,281.5   100.0 %   710   1.3 %   11.9 %   29.6 %   57.2 %   75   6.7 %   9.9 %   62.6 %   2.8 %   18.0 %   35.3 %
                               

Loans Held for Sale

                            

Pay-option ARMS

   $ 107.7   7.0 %   700   0.8 %   16.0 %   36.5 %   46.7 %   76   8.6 %   14.7 %   51.3 %   6.1 %   19.3 %   25.0 %

Other Adjustable Rate

     240.0   15.7 %   705   7.1 %   7.6 %   28.6 %   56.7 %   76   6.2 %   14.1 %   63.4 %   1.7 %   14.6 %   14.6 %

Conventional Conforming Fixed Rate

     476.7   31.2 %   706   9.1 %   15.0 %   22.0 %   53.9 %   76   14.1 %   11.4 %   48.0 %   3.4 %   23.1 %   22.0 %

Alternate A First Lien

     152.8   10.0 %   681   1.6 %   37.6 %   29.7 %   31.1 %   78   3.3 %   5.5 %   82.3 %   2.5 %   6.4 %   8.3 %

Jumbo Fixed Rate

     50.7   3.3 %   713   0.0 %   5.8 %   34.1 %   60.1 %   70   7.7 %   24.6 %   62.6 %   0.0 %   5.1 %   4.0 %

Home equity/Second Liens

     236.1   15.4 %   705   0.4 %   12.7 %   36.9 %   50.0 %   96   0.6 %   0.1 %   2.6 %   7.8 %   88.9 %   0.0 %

Government Fixed Rate

     125.4   8.2 %   633   43.3 %   26.7 %   14.8 %   15.2 %   95   0.5 %   1.0 %   3.5 %   7.8 %   87.2 %   100.0 %

Construction

     139.1   9.1 %   729   0.5 %   4.3 %   22.6 %   72.6 %   73   11.3 %   20.3 %   55.8 %   5.2 %   7.4 %   0.4 %

Non-Prime

     1.2   0.1 %   643   0.0 %   87.0 %   13.0 %   0.0 %   80   0.0 %   0.0 %   100.0 %   0.0 %   0.0 %   0.0 %
                               

Total Loans

   $ 1,529.7   100.0 %   700   7.3 %   15.4 %   27.2 %   50.1 %   78   7.7 %   10.1 %   44.7 %   4.3 %   33.2 %   20.1 %
                               

Off-Balance Sheet Securitized Loans

                            

Pay-option ARMS

   $ 1,222.0   11.4 %   704   2.2 %   15.9 %   30.6 %   51.3 %   74   9.5 %   14.8 %   66.4 %   1.5 %   7.8 %   19.8 %

Other Adjustable Rate

     5,848.1   54.5 %   722   0.5 %   6.2 %   25.3 %   68.0 %   74   6.3 %   9.2 %   82.7 %   0.4 %   1.4 %   1.8 %

Conventional Conforming Fixed Rate

     508.8   4.7 %   724   0.0 %   1.9 %   31.1 %   67.0 %   69   13.0 %   15.1 %   70.2 %   0.6 %   1.1 %   1.8 %

Alternate A First Lien

     2,672.2   24.9 %   686   2.3 %   29.0 %   32.9 %   35.8 %   78   4.6 %   6.0 %   76.0 %   1.8 %   11.6 %   17.7 %

Jumbo Fixed Rate

     189.0   1.8 %   727   0.0 %   2.7 %   27.4 %   69.9 %   70   8.9 %   26.9 %   63.5 %   0.0 %   0.7 %   0.6 %

Home equity/Second Liens

     235.7   2.2 %   724   0.3 %   5.3 %   23.1 %   71.3 %   93   2.1 %   2.0 %   5.6 %   9.6 %   80.7 %   0.0 %

Government Fixed Rate

     2.5   0.0 %   631   53.5 %   27.9 %   0.0 %   18.6 %   96   0.0 %   0.0 %   0.0 %   14.3 %   85.7 %   100.0 %

Construction

     —     0.0 %   —     0.0 %   0.0 %   0.0 %   0.0 %   —     0.0 %   0.0 %   0.0 %   0.0 %   0.0 %   0.0 %

Non-Prime

     54.5   0.5 %   683   9.0 %   29.2 %   26.8 %   35.0 %   72   6.0 %   10.9 %   80.8 %   0.5 %   1.8 %   2.2 %
                               

Total Loans

   $ 10,732.8   100.0 %   711   1.1 %   12.8 %   28.1 %   58.0 %   75   6.5 %   9.5 %   76.5 %   1.1 %   6.4 %   7.8 %
                               

Total Portfolio

                            

Pay-option ARMS

   $ 4,352.7   23.5 %   709   1.0 %   12.8 %   30.4 %   55.8 %   75   7.3 %   12.0 %   66.7 %   2.2 %   11.8 %   49.5 %

Other Adjustable Rate

     7,051.0   38.0 %   721   1.0 %   6.2 %   25.8 %   67.0 %   74   6.4 %   9.7 %   81.0 %   0.5 %   2.4 %   3.6 %

Conventional Conforming Fixed Rate

     1,599.4   8.6 %   716   3.4 %   7.2 %   27.8 %   61.6 %   73   12.9 %   12.5 %   61.3 %   2.4 %   10.9 %   11.9 %

Alternate A First Lien

     3,366.0   18.2 %   684   2.3 %   31.2 %   32.1 %   34.4 %   78   4.3 %   6.0 %   77.4 %   1.7 %   10.6 %   16.8 %

Jumbo Fixed Rate

     652.3   3.5 %   727   0.3 %   3.6 %   27.6 %   68.5 %   71   11.9 %   21.2 %   64.5 %   0.8 %   1.6 %   2.2 %

Home equity/Second Liens

     1,090.2   5.9 %   713   0.4 %   9.1 %   32.1 %   58.4 %   94   1.4 %   1.1 %   4.4 %   9.0 %   84.1 %   0.0 %

Government Fixed Rate

     173.3   0.9 %   637   41.2 %   26.8 %   14.5 %   17.5 %   95   0.6 %   1.0 %   3.3 %   7.3 %   87.8 %   100.0 %

Construction

     196.7   1.1 %   725   2.1 %   5.8 %   21.2 %   70.9 %   75   9.8 %   16.7 %   53.1 %   7.0 %   13.4 %   2.9 %

Non-Prime

     62.4   0.3 %   682   8.5 %   29.8 %   27.4 %   34.3 %   71   8.5 %   9.5 %   79.3 %   0.7 %   2.0 %   2.0 %
                               

Total Loans

   $ 18,544.0   100.0 %   710   1.7 %   12.7 %   28.5 %   57.1 %   75   6.7 %   9.7 %   69.2 %   1.9 %   12.5 %   18.1 %
                               
(1) LTV for first liens, CLTV for home-equity/second liens

 

American Home Mortgage Investment Corp.

Loan Originations Credit Characteristics

(Dollars in Millions)

 

                     FICO Range    Origination LTV/CLTV Range (1)  
   Principal
Originated		    % of
Total		     WAVG
FICO		   

%

< 620

     %
620 - 659		     %
660 - 699		     %
700+		    

WAVG Orig

LTV %/CLTV % (1)

   

%

< 60

     %
60 - 69		     %
70 - 80		     %
81 - 89		     %
90+		  

Loan Originations Q4 2006

                              

Pay-option ARMS

    $ 4,843.0    31.2 %   717    1.3 %   9.9 %   25.5 %   63.3 %   78    5.9 %   9.8 %   55.6 %   5.2 %   23.5 %

Other Adjustable Rate

      2,433.2    15.7 %   720    4.3 %   5.7 %   22.9 %   67.1 %   75    6.4 %   11.1 %   75.1 %   1.4 %   6.0 %

Conventional Conforming Fixed Rate

      3,942.7    25.4 %   726    4.8 %   8.3 %   18.3 %   68.6 %   73    16.8 %   13.3 %   55.3 %   2.7 %   11.9 %

Alternate A First Lien

      1,830.9    11.8 %   689    4.5 %   25.9 %   31.6 %   38.0 %   78    3.8 %   4.6 %   85.5 %   1.4 %   4.7 %

Jumbo Fixed Rate

      1,014.1    6.5 %   740    0.2 %   3.4 %   15.9 %   80.5 %   71    14.8 %   18.5 %   64.7 %   0.4 %   1.6 %

Home equity/Second Liens

      813.6    5.2 %   715    1.8 %   8.7 %   28.8 %   60.7 %   94    2.1 %   1.5 %   4.9 %   9.2 %   82.3 %

Government Fixed Rate

      575.5    3.7 %   654    32.1 %   22.6 %   19.9 %   25.4 %   94    1.2 %   1.3 %   3.3 %   9.1 %   85.1 %

Construction

      76.5    0.5 %   739    2.9 %   4.6 %   14.7 %   77.8 %   74    13.0 %   17.6 %   43.9 %   7.5 %   18.0 %

Non-Prime

      0.9    0.0 %   597    65.2 %   0.0 %   0.0 %   34.8 %   76    0.0 %   12.6 %   73.2 %   14.2 %   0.0 %
                                 

Total Loan Originations

    $ 15,530.4    100.0 %   716    4.1 %   10.7 %   23.3 %   61.9 %   77    8.7 %   10.1 %   58.0 %   3.6 %   19.6 %
                                 

Loan Originations Full Year 2006

                              

Pay-option ARMS

    $ 19,017.0    32.3 %   719    1.1 %   9.6 %   25.1 %   64.2 %   77    7.3 %   11.1 %   61.6 %   3.5 %   16.5 %

Other Adjustable Rate

      10,219.1    17.4 %   720    4.3 %   5.9 %   22.6 %   67.2 %   75    6.5 %   9.3 %   77.7 %   1.2 %   5.3 %

Conventional Conforming Fixed Rate

      14,031.0    23.8 %   723    4.7 %   8.4 %   19.7 %   67.2 %   73    15.6 %   12.3 %   57.6 %   2.4 %   12.1 %

Alternate A First Lien

      5,240.3    8.9 %   686    5.1 %   28.4 %   30.2 %   36.3 %   77    4.2 %   5.7 %   83.5 %   1.2 %   5.4 %

Jumbo Fixed Rate

      4,041.1    6.9 %   738    0.4 %   4.2 %   17.8 %   77.6 %   71    14.2 %   18.5 %   64.9 %   0.5 %   1.9 %

Home equity/Second Liens

      3,610.2    6.1 %   717    1.6 %   8.5 %   27.7 %   62.2 %   93    2.7 %   1.5 %   4.9 %   9.3 %   81.6 %

Government Fixed Rate

      2,439.9    4.1 %   656    31.8 %   22.4 %   19.1 %   26.7 %   95    1.2 %   1.3 %   3.7 %   7.0 %   86.8 %

Construction

      272.0    0.5 %   737    2.8 %   5.8 %   16.4 %   75.0 %   75    9.8 %   18.5 %   47.4 %   8.0 %   16.3 %

Non-Prime

      28.8    0.0 %   678    17.6 %   23.9 %   19.7 %   38.8 %   73    8.3 %   4.6 %   78.2 %   1.1 %   7.8 %
                                 

Total Loan Originations

    $ 58,899.4    100.0 %   716    4.1 %   10.4 %   23.2 %   62.3 %   77    8.8 %   10.1 %   59.7 %   2.9 %   18.5 %
                                 
(1) LTV for first liens, CLTV for home-equity/second liens

American Home Mortgage Investment Corp.

Pay-Option ARM Loan Holdings

As of December 31, 2006

(Dollars in Millions)

 

     Total Principal
Outstanding		    Non-Performing
Principal
Outstanding (1)		    NPL
%		  

Loans Held for Investment

    $ 3,023.0    $ 15.1    0.5 %

Loans Held for Sale

      107.7      4.2    3.9 %

Off-Balance Sheet Securitized Loans

      1,222.0      11.1    0.9 %
                

Total Pay-Option ARM Portfolio

    $ 4,352.7    $ 30.4    0.7 %
                
(1) 90+ days delinquent