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Tuesday, December 25, 2007

Ameriquest mortgage to pay $18M to N.Y subprime victims

December 25 2007
Nearly 14,000 New Yorkers stung by a predatory mortgage company will share in an $18 million restitution fund this holiday season, state authorities said Monday. Ameriquest Mortgage Co. and its subsidiaries will pay the money as part of a nationwide $325million settlement for illegal lending practices. The money is being distributed to 13,686 homeowners - who will get an average of $1,315 apiece - in New York who did business with Ameriquest and "suffered harm as a result," state officials said.

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