American Mortgage Network Opens Regional Center in Sacramento to Serve Mortgage Brokers; Led by Mortgage Veterans Kurt Lewis and Janet McLaughlin

Business Wire, June 11, 2002

Business Editors

SAN DIEGO--(BUSINESS WIRE)--June 11, 2002

American Mortgage Network (AmNet), a taxable REIT subsidiary of American Residential Investment Trust, Inc. (NYSE: INV), announced today that it is opening a new regional center in Sacramento, California to serve the specific needs of brokers in the area.

The Sacramento center expects to employ an operations staff of twenty-five mortgage banking professionals. It is located at 3200 Douglas Boulevard, Suite 200, Roseville, California 95661. The telephone number is 916-774-1200 and the fax number is 916-774-1299.

Kurt Lewis has been appointed Vice President/Regional Manager. With more than seventeen years of experience in mortgage lending, Mr. Lewis was recently a Retail Sales Manager for Fleet Mortgage. He has also worked for Plaza Home Mortgage, Big Valley Mortgage, Heart Federal Savings and Loan and Mortgage Brokers Acceptance Corporation. Mr. Lewis can be contacted at klewis@amnetmortgage.com.

Janet McLaughlin has been appointed Assistant Vice President/Regional Operations Manager. She has more than twenty-four years experience in mortgage lending. Recently, Ms. McLaughlin was Operations Manager and Senior Underwriter for Fleet Mortgage/Washington Mutual. She has also worked for Golden 1 Credit Union, Citicorp Savings, Manufacturers Hanover, Lloyds Bank, Bayside Financial and Northern California Savings. Ms. McLaughlin can be contacted at jmclaughlin@amnetmortgage.com.

In commenting on the opening of the new center, Mr. Lewis said, "Sacramento is a solid housing market and one of California's most affordable metropolitan areas. The local economy is stable while mortgage rates remain low. By working closely with the broker community, our goal is to provide the best products and service possible so that we can help serve a wide range of homeowner needs."

AmNet has regional centers in Ontario, California; San Diego, California; New Haven, Connecticut; Atlanta, Georgia; and Portland, Oregon as well as satellite offices in Mission Viejo, California and Kirkland, Washington. For the first quarter of 2002, AmNet funded $368.9 million in home loans. AmNet is currently approved to do business in 25 states either by license or exemption. It expects to be approved to do business in 40 states by license or exemption by the end of 2002.

About American Mortgage Network

Headquartered in San Diego, California, American Mortgage Network is a taxable REIT subsidiary of American Residential Investment Trust, Inc., a real estate investment trust (REIT). AmNet will originate loans for the national mortgage broker community through its network of regional centers and over the Internet. For more information, please visit www.amnetmortgage.com.

About American Residential Investment Trust

American Residential Investment Trust, Inc. is a real estate investment trust (REIT) that has traditionally invested in subprime residential mortgage assets. For more information on American Residential, please visit the Company's web site at www.amerreit.com.

Certain matters discussed in this press release may constitute forward-looking statements within the meaning of federal securities laws. Forward-looking statements include statements regarding expected growth rates, the stability of the economy and interest rate levels and anticipated approval of state licenses. Actual results and the timing of certain events could differ materially from those projected in or contemplated by these forward-looking statements due to a number of factors, including but not limited to: lack of Company experience in opening regional offices and generating mortgage loans; general economic conditions; the availability of suitable mortgage assets; the availability of financing for the origination mortgage loans; the impact of leverage; the Company's liquidity position and other risk factors outlined in American Residential Investment Trust's SEC reports.