Ben Lane, Housing Wire

It hasn’t been a good day for Altisource Asset Management Corp (AAMC). In fact, the day is looking downright catastrophic. The company’s stock is currently trading at $840 per share, which is down more than $259 for the day. The company’s stock has lost more than 30% of its value in less than four hours of trading.

The precipitous fall comes on the heels of reports that the company’s affiliate, Altisource Residential (RESI), was shut out of a distressed loan auction from the U.S. Department of Housing and Urban Development. According to a statement from HUD, Lone Star Funds was the sole winner of the auction, with a weighted average bid of 77.6% of the collateral value.

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