Tuesday, September 18, 2007

Happy Fun Mortgage News


Bankrupt American Home Mortgage is attempting to seize as much as $27 million that former employees set aside from paychecks for retirement, according to an attorney representing them.

Employees say Melville, N.Y.-based American Home Mortgage Investment wants to release retirement money from a trust fund to pay off large creditors.

The attorney for a group of former employees alleged American Home or its trustee for the retirement plan "may have acted inappropriately with regard to withholding distributions or encouraging contributions."