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Friday, July 13, 2007

When subprime borrowers get soaked



Bad lending practices

Ameriquest Mortgage Co to pay settlement over improper sales practices



Ameriquest Mortgage Co pays $325 million to compensate soaked customers

July 13 2007 SFGate.com

Ameriquest Mortgage Co., a unit of ACC Capital Holdings Corp. of Orange, agreed in January 2006 to a total $325 million settlement with 49 states over its lending practices.

About 78,000 Californians who got mortgages from the nation's leading subprime lender will receive letters in the next few days notifying them that they are eligible to split $51 million in restitution for allegedly improper sales practices.

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