Big mortgage company closes Fort Wayne site

DJIA 13,401.1 -60.2 / S&P 500 1,461.7 -9.7 / NASDAQ 2,559.7 -16.3 Tonight: Isolated showers. L 67. Tomorrow: Chance of showers late. H 88. Sunday: Showers could start early. H 94.
	Friday, August 3, 2007
	Big mortgage company closes Fort Wayne site Beleaguered mortgage lender American Home Mortgage Investment Corp. said last night it will close most of its operations-bad news for Fort Wayne, where the Melville, N.Y., company employs 155. In a statement, American Home Mortgage said it would shrink its workforce to 750 from 7,000 today because there is "no realistic alternative." The Fort Wayne office will close, according to The Journal Gazette, quoting employees who were told yesterday in an e-mail to take personal belongings home.   ISU's loan practices under investigation Indiana State University in Terre Haute is among 40 post-secondary schools being investigated by the New York Attorney General's Office for its student loan practices, reports The Tribune-Star. New York Attorney General Andrew Cuomo is looking into whether ISU directed students to Student Financial Services Inc.
	regardless of interest rates the company charges in exchange for payments for loan referrals. Indiana State has suspended its relationship with Student Financial Services and said it did not direct students to the loan company hoping to receive payments. Shelby official questions propriety of tech park Shelby County Councilor Tami Grubbs has asked Gov. Mitch Daniels, the Indiana Economic Development Corp. and the Indiana State Board of Accounts for an opinion whether the Intelliplex technology park is operating properly. Grubbs wants to know if the Shelbyville park is operating ethically, legally and in line with state guidelines for certified technology parks, according to The Shelbyville News. The controversial project was the subject of a public meeting in May that attracted 100 people. Escalade profit shoots up on archery sales Profit is booming at Escalade Inc. thanks to growing sales of archery equipment along with fewer discounts on other sporting goods. The Evansville company said today that earnings shot up 105 percent, to $2.4 million, in the second quarter ended July 14. Most of the increase was driven by archery sales, said Chief Financial Officer Terry Frandsen. Blog: Premier project to be called 'Venu' Premier Properties has unveiled more details of its $750 million development at 86th Street and Keystone Avenue. Among the details is the name: Venu. Read IBJ's Property Lines real estate blog. Housing bubble not fully deflated, sage warns Jim Rogers, the Beeland Interests Inc. chairman who predicted the launch of the commodities boom in 1999, is convinced the nation has yet to see the worst of the housing decline. In an interview with Bloomberg, Rogers, whose New York company bears his middle name, said he has sold short stock in house builders and investment banks because he's convinced the shares will continue dropping. "This is the only time in world history when people were able to buy houses with no money down and in fact, in some cases, the builders gave them money for a down payment," he said. "So this bubble is the worst we've had in housing." Correction An Associated Press story in the Aug. 1 IBJ Daily about a possible lawsuit regarding Dow AgroSciences' clorpyrifos should have said the pesticide was developed in the 1960s, and is far less toxic than nerve agents used in World War II. From IBJ staff-Compiled by Norm Heikens
	Police looking for prison escapee Indiana State Police investigators think the man who stole a car and robbed a Fishers bank yesterday is Kelvin Fuller, who escaped from a northern Indiana prison Aug. 1. Fox 59 will have more at 10 p.m. 2 people seriously hurt in 86th Street crash Rescuers rushed to save a driver trapped after a car wreck on the north side early this morning. Police say the driver of a red Honda Civic lost control while westbound on 86th Street, crossed the median and crashed into a tree near Guilford Avenue. Both the driver and a passenger were hospitalized in serious condition. Arson investigation underway on near east-side fire Arson investigators are trying to figure out if a midnight fire at a home in the 300 block of North Walcott Street on the east side was intentionally set. When firefighters arrived, the house was engulfed, with flames shooting almost 30 feet in the air.
	One in nine Indiana bridges structurally deficient The Indiana Department of Transportation says one of nine bridges in the state is structurally deficient. That's the same thing officials said about the Minneapolis bridge that collapsed Aug. 1 during rush hour. Structurally deficient doesn't mean the bridges are unsafe; it just means they need repairs. INDOT says it devotes more than $70 million to maintaining the state's bridges every year.   What should replace Pan Am Plaza? Downtown's Pan Am Plaza is about to change ownership, and its ice rinks and outdoor areas are likely to be replaced. What should be built there? | Largest Indianapolis-Area Credit Unions Largest Directors' Fees of Indianapolis-Area Public Companies Largest Indianapolis-Area On-Premise Sign Companies   Visit IBJ's Web site, www.ibj.com       Indianapolis Business Journal has launched a redesigned Web site with news updated throughout the business day.     At www.ibj.com you will find the latest business news from the Indianapolis area and around the state, video of IBJ events, CEO interviews from the Inside IBJ radio program, and our weekly podcast.
	Unsubscribe | Update Profile | Manage Subscriptions We respect your right to privacy - click here to view our policy. Copyright © IBJ Media Corp. 2007. All Rights Reserved. Privacy Policy Reproduction or use without permission of editorial or graphic content in any manner is strictly prohibited. Reprint orders: To request reprint permission contact IBJ's managing editor. Phone: 317-634-6200 - E-mail: managingeditor@ibj.com This email was sent by: IBJ Corporation 41 East Washington Street, Suite 200 Indianapolis, IN, 46204-3592, United States of America  *The Dow Jones Indexes(SM) are compiled, calculated and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of The Dow Jones Indexes(SM) Copyright © 2007 Dow Jones & Company, Inc.