Aug. 3, 2007 (LPAC)-In the post-globalization era, another mortgage lender is to bite the dust this week.

According to Bloomeberg, "American Home Mortgage Investment Corp. plans to shut down, becoming the second-biggest residential lender to fail this year as bad loans spread to people with good 'credit records'," the wire service reports. Bloomberg obtained an e-mail from the companies CEO Michael Strauss in which he told the staff that Friday, Aug. 3, would be the last day for most employees.

The company had its investment bankers cut off credit earlier this week, leaving the New York-based company unable to fund at least $750 million of mortgages it had promised to thousands of now-stranded borrowers. The Strauss e-mail continued, "Conditions in both the secondary mortgage market as well as the national real estate market have deteriorated to the point that our business is no longer viable." Shares of the company dropped more than 95% this year. In 2006, American Home made almost $60 billion in loans, totalling about 2% of the U.S. residential market.

More of a reason to dump Cheney and move with LaRouche's Economic Recovery Platform.