Signs of the apocalypse

This is amazing. Just a month after declaring a regular dividend, American Home Mortgage is "delaying" the payment:
American Home Mortgage Investment Corp. announced today that its Board of Directors has decided to delay payment of its quarterly cash dividend on the company's common stock and anticipates delaying payment of its quarterly cash dividends on its Series A Cumulative Redeemable Preferred Stock and Series B Cumulative Redeemable Preferred Stock in order to preserve liquidity until it obtains a better understanding of the impact that current market conditions in the mortgage industry and the broader credit market will have on the Company's balance sheet and overall liquidity.

Companies often suspend or reduce dividends when times are tough. But to declare a dividend one month, and then not be able to pay it the next month? These guys got blindsided by a shockingly rapid collapse in their business.

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Happy Super Tuesday!