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BUSINESS
May 29, 2013 | By E. Scott Reckard
Citigroup Inc. has become the second financial giant to settle a regulator's lawsuits over questionable mortgage bonds sold to taxpayer-owned Fannie Mae and Freddie Mac during the housing bubble. The agreement, disclosed Tuesday, is the second reached by the Federal Housing Finance Agency, which has 16 similar actions pending. It underscores how the fallout continues from Wall Street's boom-era love affair with such subprime lending kings as Angelo Mozilo and the late Roland Arnall.
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BUSINESS
May 29, 2013 | By E. Scott Reckard
Citigroup Inc. has become the second financial giant to settle a regulator's lawsuits over questionable mortgage bonds sold to taxpayer-owned Fannie Mae and Freddie Mac during the housing bubble. The agreement, disclosed Tuesday, is the second reached by the Federal Housing Finance Agency, which has 16 similar actions pending. It underscores how the fallout continues from Wall Street's boom-era love affair with such subprime lending kings as Angelo Mozilo and the late Roland Arnall.
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BUSINESS
September 1, 2007 | E. Scott Reckard, Times Staff Writer
Ameriquest Mortgage Co., once the "Proud Sponsor of the American Dream," is closing. Citigroup Inc. said Friday that it would buy the remnants of the Ameriquest empire from ACC Capital Holdings in Orange, and ACC said it was "preparing for an orderly wind-down of its retail mortgage business." Ameriquest shuttered its 229 retail offices months ago. As recently as 2005, Ameriquest and its sister company, Argent Mortgage, were together the No. 1 sub-prime mortgage lender in the world.
BUSINESS
January 27, 2010 | By E. Scott Reckard
Agreeing to settle 29 class-action lawsuits alleging predatory lending, the Ameriquest group of subprime lenders has pledged $22 million to repay aggrieved borrowers and their lawyers -- a fraction of its payments in previous suits before it shut down as the mortgage meltdown set in. The agreement potentially affects 712,000 borrowers from what once was the nation's largest subprime lender, based in Orange County. Many of the loans were from Argent Mortgage Co., an arm that funded borrowers through mortgage brokers.
BUSINESS
December 24, 1995
AmeriQuest Technologies Inc. received about $66 million of interim financing, which the company will use to lower existing lines of credit. The company said the interim financing was provided through lending sources of Computer 2000 AG, which owns or has the right to acquire a majority of AmeriQuest's voting stock.
BUSINESS
May 16, 2006 | From the Associated Press
Massachusetts Democratic gubernatorial candidate Deval Patrick said Monday that he was stepping down as a board member of the parent company of beleaguered mortgage giant Ameriquest, saying he wanted to focus on the election and has helped set the lender on the right path. Patrick has weathered criticism from Democratic rival Atty. Gen. Tom Reilly, who has tried to use Patrick's connection to the mortgage company to chip away at Patrick's base of support among the party's more liberal voters.
BUSINESS
May 29, 1996
AmeriQuest Technologies Inc. said Tuesday that it has become a nationwide distributor for hard disk drive products made by Quantum Corp. in Milpitas. Under the agreement, AmeriQuest is authorized to sell Quantum's line of hard disk drives and will sell Quantum's tape storage products in the near future.
BUSINESS
July 15, 2005 | Josh Friedman, Times Staff Writer
Ameriquest Mortgage Co. agreed Thursday to pay more than $7 million to settle allegations by Connecticut authorities that it overcharged its customers and that it used unlicensed loan salespeople. Connecticut authorities say the Orange-based company violated state laws aimed at deterring loan-flipping, or pushing customers to refinance mortgages within two years to generate fees. An Ameriquest spokesman said the excessive charges resulted from "unintentional process errors."
BUSINESS
May 16, 1996
Ameriquest Technologies Inc. said Wednesday that Mark Mulford is resigning as president and chief operating officer for personal reasons. The computer products distributor also announced that its losses for the second fiscal quarter grew and revenue fell as the company discontinued unprofitable businesses and juggled several acquisitions. Ameriquest said Mulford will be a consultant until a replacement is found. The company also said Robert Beckett Sr.
OPINION
April 6, 2007 | Candice Reed, CANDICE REED is working on a book about how to be a freelance writer.
AMERIQUEST Mortgage Co. recently fired thousands of workers, and its parent company closed six operations centers across the country. It's reeling from the shakeout in the subprime lending business -- passing out pink slips, tightening its belt and taking lots of little-guy mortgage holders with it. I can only blame myself.
CALIFORNIA | LOCAL
March 18, 2008 | E. Scott Reckard, Times Staff Writer
Billionaire Roland E. Arnall, whose widespread philanthropy and extraordinary political friendships stood in contrast to repeated investigations into alleged lending abuses at his giant subprime company, Ameriquest Mortgage Co., died Monday. The longtime Holmby Hills resident was 68. Arnall, a Holocaust survivor who co-founded the Simon Wiesenthal Center, had resigned as President Bush's ambassador to the Netherlands on March 7, returning to Los Angeles to be with a seriously ill son, the family said.
CALIFORNIA | LOCAL
March 18, 2008 | By E. Scott Reckard, Los Angeles Times Staff Writer
Billionaire Roland E. Arnall, whose widespread philanthropy and extraordinary political friendships stood in contrast to repeated investigations into alleged lending abuses at his giant subprime company, Ameriquest Mortgage Co., died Monday. The longtime Holmby Hills resident was 68. Arnall, a Holocaust survivor who co-founded the Simon Wiesenthal Center, had resigned as President Bush's ambassador to the Netherlands on March 7, returning to Los Angeles to be with a seriously ill son, the family said.
BUSINESS
February 22, 2008 | Jonathan Peterson, Times Staff Writer
Roland Arnall, a major Republican financier who helped create and ultimately became a symbol of the troubled sub-prime mortgage industry, is resigning his post as U.S. ambassador to the Netherlands. Arnall, founder of Ameriquest Mortgage Co. of Orange, once the nation's largest sub-prime lender, is returning home to be with his adult son, who is battling Hodgkin's lymphoma. His resignation is effective March 7.
BUSINESS
December 25, 2007 | From Bloomberg News
Ameriquest Mortgage Co., once the biggest home-mortgage lender to people with credit problems, paid New Yorkers more than $18 million as part of a previously disclosed nationwide settlement of a predatory lending case. Proceeds from the settlement with the Irvine-based company were sent to about 13,700 New Yorkers, Gov. Eliot Spitzer and Atty. Gen. Andrew Cuomo said Monday.
BUSINESS
November 8, 2007 | David Colker, Times Staff Writer
Have you received calls from telemarketers -- which, of course, usually come at dinner time -- even though you were on the Do Not Call registry? The Federal Trade Commission called some of these alleged violators back, and it will cost them a lot more than an evening meal. The agency said Wednesday that several companies, including such nationally known names as Ameriquest Mortgage Co. and ADT Security Services Inc.
BUSINESS
September 1, 2007 | E. Scott Reckard, Times Staff Writer
Ameriquest Mortgage Co., once the "Proud Sponsor of the American Dream," is closing. Citigroup Inc. said Friday that it would buy the remnants of the Ameriquest empire from ACC Capital Holdings in Orange, and ACC said it was "preparing for an orderly wind-down of its retail mortgage business." Ameriquest shuttered its 229 retail offices months ago. As recently as 2005, Ameriquest and its sister company, Argent Mortgage, were together the No. 1 sub-prime mortgage lender in the world.
BUSINESS
November 18, 2005 | Jesus Sanchez
The corporate parent of Orange-based Ameriquest Mortgage Co. said Thursday that it would lay off 10% of its nationwide workforce -- about 1,500 employees -- as the long-running housing boom and demand for home loans cooled off. "The mortgage industry is entering a more challenging phase of rising interest rates," ACC Capital Holdings Corp. said in a statement. "In cyclical industries such as mortgage lending, periodic workforce reductions are not uncommon."
CALIFORNIA | LOCAL
March 18, 2008 | E. Scott Reckard, Times Staff Writer
Billionaire Roland E. Arnall, whose widespread philanthropy and extraordinary political friendships stood in contrast to repeated investigations into alleged lending abuses at his giant subprime company, Ameriquest Mortgage Co., died Monday. The longtime Holmby Hills resident was 68. Arnall, a Holocaust survivor who co-founded the Simon Wiesenthal Center, had resigned as President Bush's ambassador to the Netherlands on March 7, returning to Los Angeles to be with a seriously ill son, the family said.
BUSINESS
July 13, 2007 | Andrea Chang, Times Staff Writer
Eligible California customers who took out loans with Ameriquest Mortgage Co. from 1999 to 2005 will soon be receiving forms to claim a share of $51 million the company has agreed to pay to settle accusations of predatory lending practices. The forms, which began being mailed Thursday by the state attorney general's office, will go to an estimated 78,000 households that had mortgages with Orange-based Ameriquest.
BUSINESS
June 19, 2007 | E. Scott Reckard, Times Staff Writer
Ameriquest Mortgage Co. founder Roland Arnall seemed to have shrugged off complaints of lending abuses early last year, when the sub-prime lender agreed to pay $325 million to settle allegations by 49 states of misrepresented loan terms, hidden fees, puffed-up appraisals and fabricated borrower income statements. The Los Angeles billionaire blamed rogue employees for the problems.
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