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RAIT To Discuss $95M Exposure to AHM

PHILADELPHIA-Deeply troubled American Home Mortgage Investment Corp. fails to meet its July 30 payment on RAIT's trust preferred financing.

By Marita Thomas | Updated on August 01, 2007

(Read more on the debt and equity markets.)

PHILADELPHIA-RAIT Financial Trust has revealed that American Home Mortgage Investment Corp. failed to make its payment on RAIT’s trust preferred financing due on July 30. All other issuers of RAIT’s trust preferred securities did meet their obligations, the locally based financial REIT says in a statement.

RAIT says its net equity exposure to AHM is approximately $95 million resulting from trust preferred financing RAIT provided to Melville, NY-based AHM in 2005. In tandem with the announcement, RAIT pushed its second-quarter conference call ahead one day to Aug. 2 from the originally scheduled Aug. 3, and says it will further discuss its exposure to the troubled AHM at that time.

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