Bid accepted for American Home
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From Times Wire Services
Wilbur L. Ross Jr., who became a billionaire by investing in failed steel and textile companies, won the bidding for the loan-servicing unit of American Home Mortgage Investment Corp. with a $435-million offer.
Ross is betting on a rebound in the mortgage industry after at least 16 lenders, including Melville, N.Y.-based American Home, collapsed when investors refused to buy loans they made to borrowers with poor credit.
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