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by CareyBot

Early payment defaults on stated-income loans with high loan-to-value ratios will likely lead to a second-quarter loss for American Home Mortgage Investment Corp., the real estate investment trust said. In a Securities and Exchange Commission filing and press release, the Melville, N.Y.-based lender said it will take "substantial charges" for credit-related expenses in the second quarter, and that it is withdrawing its earning guidance for 2007. Chief Executive Officer Michael Strauss said American Home has stopped originating stated-income loans with high LTV ratios and that the "second quarter will be a period of 'clean-up' as the impact from the discontinued products continues to wind down." Claims reached a high in April, the company said, then declined approximately 53 percent in Ma...