MELVILLE, N.Y. – In the latest sign of the ongoing mortgage crunch, American Home Mortgage Corp., which made a major push into the credit union market just last year, was reported to be preparing to file for bankruptcy, after lenders halted its credit and its stock price plunged more than 90%. The company made a major incursion into the credit union market last year with its purchase of Irwin Mortgage Corp. and its 50 on-site credit union sales offices in Arizona, California, Colorado, Hawaii and Washington. American Home reported Tuesday that its lenders have cut off its credit line and it can no longer fund mortgages. The credit crunch made it impossible for the company to fund nearly $800 million in mortgages it had agreed to fund.
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