American Home Mortgage Initiates Hedging Program For Servicing Portfolio.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 16, 2002 CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and CFO See Chief Financial Officer. File Certification With SEC Under Sarbanes-Oxley Act of 2002 American Home Mortgage Holdings, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AHMH AHMH American Home Mortgage Holdings, Inc. ), a leading independent retail mortgage banking company, announced that on August 15, 2002, it began a hedging program against impairment of its mortgage servicing Mortgage servicing The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default , involved with a mortgage loan. assets. The cost of the program is not expected to materially impact the company's financial results and is expected to prevent impairment loss to its servicing assets during the third quarter of 2002, as well as in future quarters. Certification Filed With SEC Under Sarbanes-Oxley Act See SOX. of 2002 Separately, the company announced that its chief executive officer, Michael Strauss and chief financial officer, Stephen Hozie, have signed and filed a certification letter with the U.S. Securities and Exchange Commission attesting to the accuracy of the company's quarterly report on Form 10-Q Form 10-Q See 10-Q. for the second quarter ended June 30, 2002. About American Home Mortgage American Home Mortgage Holdings, Inc. is an independent retail originator of residential mortgage loans both online and offline. Its online operation, MortgageSelect.com is a leader in online closed loan volume, and has outperformed its online competitors in terms of profitability. Offline, the company has grown organically and by acquisition and now has 131 community loan offices across the country. For additional information, please visit the company's Web site at www.americanhm.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This news release contains statements about future events and expectations, which are "forward-looking statements." Any statement in this release that is not a statement of historical fact, including, but not limited to earnings guidance and forecasts, and projections of financial results, may be deemed to be a forward-looking statement. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the Company's actual results to be materially different from any future results, performance or achievements expresses or implied by such forward-looking statements. Specific factors that might cause such a difference include, but are not limited to: the potential fluctuations in the Company's operating results; the Company's potential need for additional capital, the direction of interest rates and their subsequent effect on the Company's business, federal and state regulation of mortgage banking; the Company's competition; the Company's ability to attract and retain skilled personnel; and those risks and uncertainties discussed in filings made by the Company with the Securities and Exchange Commission, including those risks and uncertainties contained under the heading "Risk Factors" in the Company's Registration Statement on Form S-3 as filed with the Securities and Exchange Commission. |
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