American Home Mortgage Investment Corp. -- a mortgage real estate investment trust that originates its own loans -- said third-quarter profits were up 35 percent from the same quarter last year, to $72 million. The Melville, N.Y.-based lender said it achieved earnings of $1.36 per share despite "sharply higher" delinquencies in its $13 billion loan portfolio, and higher costs for credit provisions and repurchases of delinquent, previously sold loans. The value of nonperforming loans doubled from the previous quarter, to $66.9 million, and allowances and reserves for losses associated with those loans were $12.5 million, compared with $6.9 million at the end of the second quarter. These factors were offset by record loan production, net interest income from the lender's portfolio, and rec...
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