AHM AmeriHome Inc

Due to recent events in the market, American Home Mortgage Investment Corp. (NYSE: AHM) believes confusion may have arisen regarding the types of loans it holds and originates. In response, American Home is herewith providing supplemental information by product type regarding the FICO credit scores, the loan to value ratios and mortgage insurance for both its holdings and originations. Additionally, we are providing information regarding our holdings of Pay Option ARM loans including related delinquency statistics. American Home Mortgage Investment Corp. is a mortgage real estate investment trust (REIT) focused on earning net interest income from self-originated loans and mortgage-backed securities, and, through its taxable subsidiaries, from originating and selling mortgage loans and servicing mortgage loans for institutional investors. Mortgages are originated through a network of loan production offices and mortgage brokers as well as purchased from correspondent lenders, and are serviced at the Company�s Irving, Texas servicing center. For additional information, please visit the Company's website at www.americanhm.com. This news release contains �forward-looking statements� that are based upon expectations, estimates, forecasts, projections and assumptions. Any statement in this news release that is not a statement of historical fact, including, but not limited to, earnings guidance and forecasts, projections of financial results and loan origination volume, expected future financial position, dividend plans or business strategy, and any other statements of plans, expectations, objectives, estimates and beliefs, is a forward-looking statement. Words such as �look forward,� �will,� �anticipate,� �may,� �expect,� �plan,� �believe,� �intend,� �opportunity,� �potential,� and similar words, or the negatives of those words, are intended to identify forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that are difficult to predict, and are not guarantees of future performance. As a result, actual future events may differ materially from any future results, performance or achievements expressed in or implied by this news release. Specific factors that might cause such a difference include, but are not limited to: American Home�s limited operating history with respect to its portfolio strategy; the potential fluctuations in American Home�s operating results; American Home�s potential need for additional capital; the direction of interest rates and their subsequent effect on the business of American Home and its subsidiaries; risks associated with the use of leverage; changes in federal and state tax laws affecting REITs; federal and state regulation of mortgage banking; and those risks and uncertainties discussed in filings made by American Home with the Securities and Exchange Commission. Such forward-looking statements are inherently uncertain, and stockholders must recognize that actual results may differ from expectations. American Home does not assume any responsibility, and expressly disclaims any responsibility, to issue updates to any forward-looking statements discussed in this news release, whether as a result of new information, future events or otherwise. American Home Mortgage Investment Corp. Mortgage Holdings Credit Characteristics As of December 31, 2006 (Dollars in Millions) � � FICO Range WAVG Orig Origination LTV/CLTV Range (1) % with � � � % % % % LTV % / % % % % % Mortgage Principal Outstanding % of Total WAVG FICO < 620 620 - 659� 660 - 699� 700+� CLTV % (1) < 60 60 -69� 70 -80� 81 -89� 90+� Insurance � Loans Held for Invest- ment � Pay-option ARMS $ 3,023.0� 48.2% 712� 0.5% 11.5% 30.1% 57.9% 76� 6.3% 10.7% 67.4% 2.3% 13.3% 62.4% Other Adjust- able Rate 962.9� 15.3% 716� 2.5% 6.2% 28.1% 63.2% 74� 7.2% 11.3% 74.8% 0.9% 5.8% 11.5% Conven- tional Con- forming Fixed Rate 613.9� 9.8% 718� 1.9% 5.6% 29.5% 63.0% 73� 11.8% 11.2% 64.3% 3.1% 9.6% 12.3% Alternate A First Lien 541.0� 8.6% 677� 2.7% 40.0% 28.9% 28.4% 78� 3.3% 6.3% 82.8% 1.2% 6.4% 15.0% Jumbo Fixed Rate 412.6� 6.6% 728� 0.4% 3.7% 26.9% 69.0% 71� 13.8% 18.1% 65.2% 1.2% 1.7% 2.7% Home equity/ Second Liens 618.4� 9.8% 711� 0.5% 9.1% 33.7% 56.7% 94� 1.5% 1.1% 4.6% 9.2% 83.6% 0.0% Government Fixed Rate 45.4� 0.7% 647� 34.6% 26.9% 14.6% 23.9% 95� 0.8% 1.1% 3.0% 5.7% 89.4% 100.0% Constru- ction 57.6� 0.9% 715� 5.9% 9.3% 17.7% 67.1% 80� 6.2% 7.9% 46.7% 11.4% 27.8% 8.9% Non-Prime � 6.7� 0.1% 680� 5.8% 24.4% 34.5% 35.3% 58� 30.3% 0.0% 63.6% 2.1% 4.0% 0.8% Total Loans $ 6,281.5� 100.0% 710� 1.3% 11.9% 29.6% 57.2% 75� 6.7% 9.9% 62.6% 2.8% 18.0% 35.3% � Loans Held for Sale � Pay-option ARMS $ 107.7� 7.0% 700� 0.8% 16.0% 36.5% 46.7% 76� 8.6% 14.7% 51.3% 6.1% 19.3% 25.0% Other Adjust- able Rate 240.0� 15.7% 705� 7.1% 7.6% 28.6% 56.7% 76� 6.2% 14.1% 63.4% 1.7% 14.6% 14.6% Conven- tional Con- forming Fixed Rate 476.7� 31.2% 706� 9.1% 15.0% 22.0% 53.9% 76� 14.1% 11.4% 48.0% 3.4% 23.1% 22.0% Alternate A First Lien 152.8� 10.0% 681� 1.6% 37.6% 29.7% 31.1% 78� 3.3% 5.5% 82.3% 2.5% 6.4% 8.3% Jumbo Fixed Rate 50.7� 3.3% 713� 0.0% 5.8% 34.1% 60.1% 70� 7.7% 24.6% 62.6% 0.0% 5.1% 4.0% Home equity/ Second Liens 236.1� 15.4% 705� 0.4% 12.7% 36.9% 50.0% 96� 0.6% 0.1% 2.6% 7.8% 88.9% 0.0% Government Fixed Rate 125.4� 8.2% 633� 43.3% 26.7% 14.8% 15.2% 95� 0.5% 1.0% 3.5% 7.8% 87.2% 100.0% Con- struction 139.1� 9.1% 729� 0.5% 4.3% 22.6% 72.6% 73� 11.3% 20.3% 55.8% 5.2% 7.4% 0.4% Non-Prime � 1.2� 0.1% 643� 0.0% 87.0% 13.0% 0.0% 80� 0.0% 0.0% 100.0% 0.0% 0.0% 0.0% Total Loans $ 1,529.7� 100.0% 700� 7.3% 15.4% 27.2% 50.1% 78� 7.7% 10.1% 44.7% 4.3% 33.2% 20.1% � Off-Balance Sheet Secur- itized Loans � Pay-option ARMS $ 1,222.0� 11.4% 704� 2.2% 15.9% 30.6% 51.3% 74� 9.5% 14.8% 66.4% 1.5% 7.8% 19.8% Other Adjust- able Rate 5,848.1� 54.5% 722� 0.5% 6.2% 25.3% 68.0% 74� 6.3% 9.2% 82.7% 0.4% 1.4% 1.8% Conven- tional Con- forming Fixed Rate 508.8� 4.7% 724� 0.0% 1.9% 31.1% 67.0% 69� 13.0% 15.1% 70.2% 0.6% 1.1% 1.8% Alternate A First Lien 2,672.2� 24.9% 686� 2.3% 29.0% 32.9% 35.8% 78� 4.6% 6.0% 76.0% 1.8% 11.6% 17.7% Jumbo Fixed Rate 189.0� 1.8% 727� 0.0% 2.7% 27.4% 69.9% 70� 8.9% 26.9% 63.5% 0.0% 0.7% 0.6% Home equity/ Second Liens 235.7� 2.2% 724� 0.3% 5.3% 23.1% 71.3% 93� 2.1% 2.0% 5.6% 9.6% 80.7% 0.0% Government Fixed Rate 2.5� 0.0% 631� 53.5% 27.9% 0.0% 18.6% 96� 0.0% 0.0% 0.0% 14.3% 85.7% 100.0% Con- struction -� 0.0% -� 0.0% 0.0% 0.0% 0.0% -� 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Non-Prime � 54.5� 0.5% 683� 9.0% 29.2% 26.8% 35.0% 72� 6.0% 10.9% 80.8% 0.5% 1.8% 2.2% Total Loans $ 10,732.8� 100.0% 711� 1.1% 12.8% 28.1% 58.0% 75� 6.5% 9.5% 76.5% 1.1% 6.4% 7.8% � Total Portfolio � Pay-option ARMS $ 4,352.7� 23.5% 709� 1.0% 12.8% 30.4% 55.8% 75� 7.3% 12.0% 66.7% 2.2% 11.8% 49.5% Other Adjust- able Rate 7,051.0� 38.0% 721� 1.0% 6.2% 25.8% 67.0% 74� 6.4% 9.7% 81.0% 0.5% 2.4% 3.6% Conven- tional Con- forming Fixed Rate 1,599.4� 8.6% 716� 3.4% 7.2% 27.8% 61.6% 73� 12.9% 12.5% 61.3% 2.4% 10.9% 11.9% Alternate A First Lien 3,366.0� 18.2% 684� 2.3% 31.2% 32.1% 34.4% 78� 4.3% 6.0% 77.4% 1.7% 10.6% 16.8% Jumbo Fixed Rate 652.3� 3.5% 727� 0.3% 3.6% 27.6% 68.5% 71� 11.9% 21.2% 64.5% 0.8% 1.6% 2.2% Home equity/ Second Liens 1,090.2� 5.9% 713� 0.4% 9.1% 32.1% 58.4% 94� 1.4% 1.1% 4.4% 9.0% 84.1% 0.0% Govern- ment Fixed Rate 173.3� 0.9% 637� 41.2% 26.8% 14.5% 17.5% 95� 0.6% 1.0% 3.3% 7.3% 87.8% 100.0% Con- struction 196.7� 1.1% 725� 2.1% 5.8% 21.2% 70.9% 75� 9.8% 16.7% 53.1% 7.0% 13.4% 2.9% Non-Prime � 62.4� 0.3% 682� 8.5% 29.8% 27.4% 34.3% 71� 8.5% 9.5% 79.3% 0.7% 2.0% 2.0% Total Loans $ 18,544.0� 100.0% 710� 1.7% 12.7% 28.5% 57.1% 75� 6.7% 9.7% 69.2% 1.9% 12.5% 18.1% � � � (1) LTV for first liens, CLTV for home-equity/second liens American Home Mortgage Investment Corp. Loan Originations Credit Characteristics (Dollars in Millions) � FICO Range Origination LTV/CLTV Range (1) Principal % of � % % % % WAVG Orig % % % % % Orig-inated Total WAVG FICO < 620 620 - 659� 660 - 699� 700+� LTV %/CLTV % (1) < 60 60 -69� 70 -80� 81 -89� 90+� � Loan Orig-inations Q4 2006 � Pay-optionARMS $ 4,843.0� 31.2% 717� 1.3% 9.9% 25.5% 63.3% 78� 5.9% 9.8% 55.6% 5.2% 23.5% Other Adjustable Rate 2,433.2� 15.7% 720� 4.3% 5.7% 22.9% 67.1% 75� 6.4% 11.1% 75.1% 1.4% 6.0% Conven- tional Conforming Fixed Rate 3,942.7� 25.4% 726� 4.8% 8.3% 18.3% 68.6% 73� 16.8% 13.3% 55.3% 2.7% 11.9% Alternate A First Lien 1,830.9� 11.8% 689� 4.5% 25.9% 31.6% 38.0% 78� 3.8% 4.6% 85.5% 1.4% 4.7% Jumbo Fixed Rate 1,014.1� 6.5% 740� 0.2% 3.4% 15.9% 80.5% 71� 14.8% 18.5% 64.7% 0.4% 1.6% Home equity/ Second Liens 813.6� 5.2% 715� 1.8% 8.7% 28.8% 60.7% 94� 2.1% 1.5% 4.9% 9.2% 82.3% Government Fixed Rate 575.5� 3.7% 654� 32.1% 22.6% 19.9% 25.4% 94� 1.2% 1.3% 3.3% 9.1% 85.1% Con- struction 76.5� 0.5% 739� 2.9% 4.6% 14.7% 77.8% 74� 13.0% 17.6% 43.9% 7.5% 18.0% Non-Prime � 0.9� 0.0% 597� 65.2% 0.0% 0.0% 34.8% 76� 0.0% 12.6% 73.2% 14.2% 0.0% Total Loan Orig-inations $ 15,530.4� 100.0% 716� 4.1% 10.7% 23.3% 61.9% 77� 8.7% 10.1% 58.0% 3.6% 19.6% � Loan Orig-inations Full Year 2006 � Pay-optionARMS $ 19,017.0� 32.3% 719� 1.1% 9.6% 25.1% 64.2% 77� 7.3% 11.1% 61.6% 3.5% 16.5% Other Adjustable Rate 10,219.1� 17.4% 720� 4.3% 5.9% 22.6% 67.2% 75� 6.5% 9.3% 77.7% 1.2% 5.3% Conven- tional Conforming Fixed Rate 14,031.0� 23.8% 723� 4.7% 8.4% 19.7% 67.2% 73� 15.6% 12.3% 57.6% 2.4% 12.1% Alternate A First Lien 5,240.3� 8.9% 686� 5.1% 28.4% 30.2% 36.3% 77� 4.2% 5.7% 83.5% 1.2% 5.4% Jumbo Fixed Rate 4,041.1� 6.9% 738� 0.4% 4.2% 17.8% 77.6% 71� 14.2% 18.5% 64.9% 0.5% 1.9% Home equity/ Second Liens 3,610.2� 6.1% 717� 1.6% 8.5% 27.7% 62.2% 93� 2.7% 1.5% 4.9% 9.3% 81.6% Government Fixed Rate 2,439.9� 4.1% 656� 31.8% 22.4% 19.1% 26.7% 95� 1.2% 1.3% 3.7% 7.0% 86.8% Con- struction 272.0� 0.5% 737� 2.8% 5.8% 16.4% 75.0% 75� 9.8% 18.5% 47.4% 8.0% 16.3% Non-Prime � 28.8� 0.0% 678� 17.6% 23.9% 19.7% 38.8% 73� 8.3% 4.6% 78.2% 1.1% 7.8% Total Loan Orig-inations $ 58,899.4� 100.0% 716� 4.1% 10.4% 23.2% 62.3% 77� 8.8% 10.1% 59.7% 2.9% 18.5% � � � (1) LTV for first liens, CLTV for home-equity/second liens American Home Mortgage Investment Corp. Pay-Option ARM Loan Holdings As of December 31, 2006 (Dollars in Millions) � � Non-Performing Total Principal Principal NPL Outstanding Outstanding (1) % � Loans Held for Investment $ 3,023.0� $ 15.1� 0.5% Loans Held for Sale 107.7� 4.2� 3.9% Off-Balance Sheet Securitized Loans � 1,222.0� � 11.1� 0.9% Total Pay-Option ARM Portfolio $ 4,352.7� $ 30.4� 0.7% � � (1) 90+ days delinquent