American Home looks to sell $164 million of non-performing loans

By Caroline Salls

Pittsburgh, Dec. 24 - American Home Mortgage Investment Corp. requested court approval to sell $164 million in non-performing loans, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company said it expects to sell the loans in three separate pools.

American Home said it will accept indicative bids, due Jan. 25, to decide which bids will be subject to an expense reimbursement if the bidder does not win the auction.

The company will also accept formal, binding, unconditional, irrevocable bids, due Feb. 11.

If the selected indicative bidders are not the high bidder for the loan pool they are bidding on, the company will pay them an expense reimbursement of $150 per loan.

The auction will be held on Feb. 13, and the sale hearing is scheduled for Feb. 14.

A hearing on the sale procedures is set for Jan. 14.

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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