The fall of American Home Mortgage was inevitable. Over the years I saw many young men and women that came from college, high school and jobs they could not keep begin careers in the mortgage industry. Everybody was going to get rich being a mortgage broker. And some of them did.

I stopped going to industry functions years ago saying that I did not need to, but I did not want to.I was disturbed by the site of my colleagues. Lots of fancy cars and watches, golf outings, and talks of big houses and inside real estate deals.What was really happening was the uneducated were ripping off the consumers to fund themselves.Their clients became home equity loans, with an endless line of credit.

American Home Mortgage had a few quality people, just like every company. It was the majority of young uneducated and untrained people that did not understand what they were doing and selling.All they wanted to do was get the biggest loan that paid them the most commission. This was fueled by contests and trips and management that wanted bonuses based on volume.

Used car salesmen became mortgage brokers who became mortgage bankers who consulted with Wall Street on how to make more money. Where was the integrity?Did it go out the window with the rest of our moral obligations?

We now see the ripple affects.I fear the down fall of American Home Mortgage because this company was a national retail mortgage banker.The market did drop almost 150 points yesterday, but that will come back. It is the in your face affect on the consumer that I worry about.American Home Mortgage had such a patriotic name that it had to be good.Turns out the soldiers destroyed the army of American Home.Sad to say they did not know the moves or how to use the tools.Good bye American Home Mortgage.

– Dale Siegel