Filed by American Home Mortgage Holdings, Inc.
              Pursuant to Rule 425 under the Securities Act of 1933
  and deemed filed pursuant Rule 14a-12 of the Securities Exchange Act of 1934


                  Subject Company: Apex Mortgage Capital, Inc.
                          Commission File No: 001-13637






This filing relates to a proposed acquisition of Apex Mortgage Capital, Inc.
("Apex") by American Home Mortgage Holdings, Inc. ("American Home") pursuant to
the terms of an Agreement and Plan of Merger dated as of July 12, 2003 (the
"Merger Agreement"), by and among Apex, American Home and American Home Mortgage
Investment Corp. ("AHM Investment Corp."). The Merger Agreement is on file with
the Securities and Exchange Commission (the "SEC") as an exhibit to the Current
Report on Form 8-K filed by the Company on July 15, 2003, and is incorporated by
reference into this filing.

Apex and American Home issued the following joint press release on November 22,
2003.


[AHMH Logo]                                                          [APEX Logo]

FOR IMMEDIATE RELEASE

                   American Home Mortgage Stockholders Approve
                      The Merger with Apex Mortgage Capital

       - American Home's Stockholders Approve Reorganization into a REIT -

         Apex Mortgage Capital Adjourned Special Meeting of Stockholders
                 And Will Reconvene on Monday, November 24, 2003

MELVILLE, NY and LOS ANGELES, CA, November 22, 2003 - American Home Mortgage
Holdings, Inc. (NASDAQ: AHMH), announced today that its stockholders have
approved the proposed merger with Apex Mortgage Capital, Inc. (AMEX: AXM) and
American Home's reorganization into a real estate investment trust (REIT), and
Apex announced today that its stockholders approved a motion to adjourn its
special meeting of stockholders until 2:00 p.m., Pacific Standard Time, on
November 24, 2003, at the offices of Trust Company of the West, 865 South
Figueroa Street, 18th Floor, Los Angeles, California.

American Home Special Stockholder Meeting
At a special meeting of stockholders of American Home held on November 21, 2003,
in Melville, New York, the following proposals were approved by the requisite
vote of the American Home stockholders: (1) a reorganization of American Home,
whereby American Home Mortgage Investment Corp., a REIT, would become the parent
company of American Home and each outstanding share of American Home's common
stock would be converted into the right to receive one share of common stock of
American Home Mortgage Investment Corp.; (2) the issuance of shares of common
stock of American Home Mortgage Investment Corp. to stockholders of Apex
Mortgage Capital, Inc., in connection with a merger of Apex with and into
American Home Mortgage Investment Corp.; and (3) the adoption of Apex's Amended
and Restated 1997 Stock Option Plan in connection with the merger.

Michael Strauss, Chairman and Chief Executive Officer of American Home,
commented, "We would like to thank our stockholders for their overwhelming
support of this defining transaction. With the opportunity to merge with Apex
and reorganize into a REIT, American Home will be diversifying its sources of
earnings by adding a complementary line of business to its mortgage origination
and mortgage servicing operations, namely holding mortgage originations in the
form of mortgage-backed securities for net interest income."

Apex Special Stockholder Meeting
Apex held a special meeting of stockholders on November 21, 2003, in Los
Angeles, California, to consider and vote upon the merger of Apex with American
Home. Apex has announced that the stockholders present in person and by proxy at
its special stockholders' meeting approved a motion to adjourn the special
meeting until Monday, November 24, 2003, at 2:00 p.m., Pacific Standard Time, at
the offices of Trust Company of the West, 865 South Figueroa Street, 18th Floor,
Los Angeles, California.

Apex has adjourned the special meeting in order to provide stockholders with
additional time to cast their votes regarding the merger proposal. According to
Apex's proxy solicitor, to date, 96% of the Apex stockholders who voted have
voted in favor of the merger proposal, equal to a total of approximately 19.2
million shares voted in favor. Two-thirds of the Apex shares outstanding, or
19,904,668 shares as of the record date for the Apex special meeting, must vote
in favor of the merger proposal in order for it to be approved. Consequently, of
the 9.8 million shares that are currently unvoted, Apex needs approximately
735,830 shares to be voted in favor of the merger proposal at or prior to the
time of the reconvened special meeting; stockholders of Apex are entitled by law
to change their votes at any time and without notice prior to the vote being
taken. Apex, whose stockholders are widely disbursed, believes that the
additional time provided by this adjournment is necessary to permit further
solicitation of proxies.

Commenting on the status of the stockholder vote, Philip A. Barach, Chief
Executive Officer and President of Apex, said, "With such a large number of
Apex's stockholders being retail investors, we believe it is appropriate to
extend the voting deadline in order to give these investors a chance to vote. We
strongly encourage stockholders to carefully consider the merger proposal
described in the joint proxy statement/prospectus and to cast their vote in
favor of the merger proposal, whether or not they plan to attend the special
meeting. We thank the large number of stockholders who have already voted for
the merger."

Apex mailed proxy statements to all stockholders of record on or about October
24, 2003 and encourages stockholders to vote in favor of the merger proposal
prior to the date of the reconvened meeting. Stockholders who need proxy
materials or wish to vote by phone are encouraged to contact Georgeson
Shareholder Communications, Inc. at (866) 295-8265.

ABOUT AMERICAN HOME MORTGAGE HOLDINGS, INC.

American Home Mortgage Holdings, Inc. is an originator and servicer of
residential mortgage loans. It operates 226 loan production offices located in
37 states, as well as MortgageSelect, an online mortgage lender, three mortgage
broker support centers and a loan servicing center. American Home shares are
traded on NASDAQ under the symbol "AHMH." For additional information, please
visit American Home's Web site at www.americanhm.com.

ABOUT APEX CAPITAL MORTGAGE CAPITAL, INC.

Apex Mortgage Capital, Inc. is a financial company structured as a real estate
investment trust. Apex primarily acquires United States agency securities, other
mortgage securities, mortgage loans, equity securities and other investments.
Apex is listed on the American Stock Exchange under the symbol "AXM."

                                    ###

Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995: This news release contains statements about future events and
expectations, which are "forward-looking statements." Any statement in this
release that is not a statement of historical fact, including, but not limited
to earnings guidance and forecasts, projections of financial results, and
expected future financial position, dividends and dividend plans and business
strategy, is a forward-looking statement. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors, which may
cause American Home's or Apex's actual results to be materially different from
any future results, performance or achievements expressed or implied by such
forward-looking statements. Specific factors that might cause such a difference
include, but are not limited to: the potential fluctuations in American Home's
or Apex's operating results; American Home's or Apex's potential need for
additional capital; the direction of interest rates and their subsequent effect
on American Home's or Apex's business; federal and state regulation of mortgage
banking; and those risks and uncertainties discussed in filings made by American
Home and Apex with the Securities and Exchange Commission. In addition, Apex
cannot predict whether its stockholders will approve the merger. Such
forward-looking statements are inherently uncertain, and stockholders must
recognize that actual results may differ from expectations. Neither American
Home nor Apex assumes any responsibility to issue updates to any forward-looking
statements discussed in this press release.

AMERICAN HOME MORTGAGE CONTACT:
John D. Lovallo
Senior Vice President
Ogilvy Public Relations Worldwide
212-880-5216
john.lovallo@ogilvypr.com

APEX CAPITAL MORTGAGE CONTACTS:
Media:
Josh Pekarsky
Longview Communications
(604) 688-4874
Investors:
Michael Mandelbaum
Mandelbaum Partners
(310) 785-0810


Proxy Information

      On October 24, 2003, AHM Investment Corp. filed a registration statement
with the SEC containing a definitive joint proxy statement/prospectus regarding
the acquisition of Apex by American Home and related matters. Investors are
urged to carefully read the definitive joint proxy statement/prospectus filed
with the SEC on October 24, 2003 and other relevant materials (when they become
available), and any other documents regarding the proposed transactions filed by
Apex and American Home with the SEC because they will contain important
information. Investors may obtain the documents free of charge at the website
maintained by the SEC at www.sec.gov. In addition, investors may obtain
documents filed with the SEC by Apex free of charge by requesting them in
writing from Apex Mortgage Capital, Inc., 865 South Figueroa Street, Suite 1800,
Los Angeles, California 90017, Attention: Investor Relations, or by telephone at
(213) 244-0000. Investors may obtain documents filed with the SEC by American
Home free of charge by requesting them in writing from American Home Mortgage
Holdings, Inc., 520 Broadhollow Road, Melville, New York 11747, Attention: Alan
B. Horn, or by telephone at (516) 949-3900.

Participants in Solicitation

      Apex, American Home and AHM Investment Corp. and their respective
directors and executive officers and other members of their management and
employees, may be deemed to be participants in the solicitation of proxies from
the stockholders of Apex and American Home in connection with the merger.
Information about the directors and executive officers of Apex and their
ownership of Apex's stock is set forth in the proxy statement for the Company `s
2003 annual meeting of stockholders. Information about the directors and
executive officers of American Home and their ownership of American Home shares
is set forth in the proxy statement for American Home's 2003 annual meeting of
stockholders. Additional information regarding the interests of such
participants is set forth in the definitive joint proxy statement/prospectus
filed with the SEC on October 24, 2003.