10% Fewer Customers to be Fleeced

by Alex Stenback on November 21, 2005

Ameriquest_hell_1Last week, our very. favorite. whipping post, Ameriquest Mortgage, who recently coughed up $325 Million to states that sued them over their shady practices, announced it will lay off 1500, or 10% of its workforce.

Unfortunately, we suspect this is as much a sign of the contraction we expect to see in the mortgage industry as a whole, rather than people finally catching on to Ameriquest’s phony hustle and walking away in droves.  Ameriquest says as much to the LA Times:

The mortgage Industry is entering a more challenging phase of rising interest rates," the company said in a statement. "In cyclical industries such as mortgage lending, periodic workforce reductions are not uncommon"

ยท Ameriquest Mortgage to Cut 1500 Workers [latimes.com]

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