It’s Official: Ameriquest to Pay

by Alex Stenback on January 25, 2006

Ameriquest Mortgage, the company we love to hate on around here, has officially agreed to a horse-choking $325 Million settlement with states and consumers over unethical and illegal lending practices.  For those keeping track of such things, this is the second largest predatory lending settlement in history, and a total of $295 million will be paid out to consumers (the rest goes to the states’ legal fees.) 

Think you may be eligible for restitution?   We called the MN Attorney General’s office today, and here’s the inside dope:  The settlement will be administered by a to-be-named third party, who will scour Ameriquest transactions all the way back to 1999, contact those eligible, and presumably cut checks.  Good news in that there’s no forms to fill out, people to contact etc., but our guess is it may be a long wait before you see any dough.  Also, if you got an Ameriquest loan through a broker, you are out of luck, as this only applies to loans originated by Ameriquest.
ยท Mortgage Lender Settles Lawsuit []

{ 1 comment… read it below or add one }

Dawn March 13, 2006 at 6:38 am

there are some really funny pic’s about Ameriquest on this site.

It’s not too Funny is it Ameriquest?

Leave a Comment


Previous post:

Next post: