Wilmington Trust Not an American Home Mortgage Creditor
07 August 2007 - 4:24AM
Business Wire
News reports that list Wilmington Trust Company among the largest
unsecured creditors of American Home Mortgage are incorrect.
Wilmington Trust Company, the principal subsidiary of Wilmington
Trust Corporation (NYSE:WL), provides trustee services for some of
American Home�s creditors, but these services do not include making
loans. �Wilmington Trust has no credit exposure whatsoever to
American Home Mortgage,� said Ted Cecala, Wilmington Trust�s
chairman and chief executive officer. �American Home Mortgage�s
bankruptcy filing does not affect our balance sheet or bottom line,
and it poses absolutely no credit risk to us.� American Home
Mortgage�s bankruptcy filing, made this morning in U.S. Bankruptcy
Court in Wilmington, Del., clearly lists Wilmington Trust �as
trustee.� As trustee, Wilmington Trust performs administrative
services as specified in documents that govern the trusts. These
services, which the company provides through its Corporate Client
Services business, do not include extending credit. Wilmington
Trust Corporation (NYSE:WL) is a financial services holding company
that provides Regional Banking services throughout the Delaware
Valley region, Wealth Advisory Services for high-net-worth clients
in 36 countries, and Corporate Client Services for institutional
clients in 86 countries. Its wholly owned bank subsidiary,
Wilmington Trust Company, which was founded in 1903, is one of the
largest personal trust providers in the United States and the
leading retail and commercial bank in Delaware. Wilmington Trust
Corporation and its affiliates have offices in California,
Connecticut, Delaware, Florida, Georgia, Maryland, Massachusetts,
Minnesota, Nevada, New Jersey, New York, Pennsylvania, South
Carolina, Vermont, the Cayman Islands, the Channel Islands, London,
Dublin, Frankfurt, and Luxembourg. For more information, visit
www.wilmingtontrust.com.
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