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Ameriquest Mortgage Co

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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.
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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.
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BUSINESS
December 6, 2005 | E. Scott Reckard, From Times Staff and Wire Reports
An Oklahoma woman who sued Ameriquest Mortgage Co. alleging that it botched the refinancing of three rental homes she owns was awarded $4.9 million by a state court jury, which found the Orange lender liable for negligence, defamation and interfering with her business. The Tulsa County District Court jury Nov. 17 awarded $1.
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
March 28, 2007 | From Reuters
Ameriquest Mortgage Co., a struggling sub-prime mortgage lender, has asked to be released from its NASCAR sponsorship, after last week giving up its rights to name the Texas Rangers' baseball park. NASCAR's website reported that the unit of Orange-based ACC Capital Holdings Corp. asked Roush Fenway Racing to release it from the final two years of its three-year sponsorship of a car driven by Greg Biffle. ACC Capital spokesman Chris Orlando declined to confirm the report.
BUSINESS
March 1, 2007 | E. Scott Reckard, Times Staff Writer
Citigroup Inc. bolstered the finances of the Ameriquest companies Wednesday by providing new funds, setting up a major credit line and getting an option to buy some operations of the specialist in high-cost mortgages to high-risk buyers. Los Angeles billionaire Roland E. Arnall, Ameriquest's principal owner and the U.S. ambassador to the Netherlands, also will provide a cash infusion, the Orange-based sub-prime lending company said.
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."
BUSINESS
February 22, 2007 | From Bloomberg News
New Century Financial Corp. and Ameriquest Mortgage Co., both based in Orange County, are among five sub-prime mortgage lenders that may have the ratings cut on the part of their businesses that collect home loan payments amid a rise in delinquencies, Moody's Investors Service said Wednesday. Moody's said it would review the so-called servicer ratings for affiliates or units of New Century, Ameriquest, NovaStar Financial Inc., Accredited Home Lenders Holdings Co. and Winter Group.
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
April 9, 2000 | EDMUND SANDERS, TIMES STAFF WRITER
Scores of protesters stormed into an Ameriquest Mortgage Co. office outside Washington last month, chanting slogans like "No more loan sharks!" and "People over profits!" One demonstrator marched around in a shark costume to make the group's point. As stunned loan agents fled to a back office and locked the door, police arrived to quell the disturbance.
BUSINESS
March 28, 2007 | From Reuters
Ameriquest Mortgage Co., a struggling sub-prime mortgage lender, has asked to be released from its NASCAR sponsorship, after last week giving up its rights to name the Texas Rangers' baseball park. NASCAR's website reported that the unit of Orange-based ACC Capital Holdings Corp. asked Roush Fenway Racing to release it from the final two years of its three-year sponsorship of a car driven by Greg Biffle. ACC Capital spokesman Chris Orlando declined to confirm the report.
BUSINESS
March 1, 2007 | E. Scott Reckard, Times Staff Writer
Citigroup Inc. bolstered the finances of the Ameriquest companies Wednesday by providing new funds, setting up a major credit line and getting an option to buy some operations of the specialist in high-cost mortgages to high-risk buyers. Los Angeles billionaire Roland E. Arnall, Ameriquest's principal owner and the U.S. ambassador to the Netherlands, also will provide a cash infusion, the Orange-based sub-prime lending company said.
BUSINESS
February 22, 2007 | From Bloomberg News
New Century Financial Corp. and Ameriquest Mortgage Co., both based in Orange County, are among five sub-prime mortgage lenders that may have the ratings cut on the part of their businesses that collect home loan payments amid a rise in delinquencies, Moody's Investors Service said Wednesday. Moody's said it would review the so-called servicer ratings for affiliates or units of New Century, Ameriquest, NovaStar Financial Inc., Accredited Home Lenders Holdings Co. and Winter Group.
BUSINESS
December 6, 2006 | E. Scott Reckard, Times Staff Writer
Is the Ameriquest empire assembled by Roland E. Arnall about to be dismantled? The Los Angeles billionaire's financial lending business has declined sharply since his appointment as ambassador to the Netherlands in February. On Monday, his holding company sold car-loan subsidiary Long Beach Acceptance Corp. to a Texas buyer for $282.5 million. Some believe that Arnall's big home loan units, Ameriquest Mortgage Co. and Argent Mortgage Co., could be next to go.
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
January 31, 2006 | Mike Hudson, Special to The Times
For someone with a reputation as a plain-vanilla, middle-of-the-road Midwesterner, Iowa Atty. Gen. Tom Miller has managed to get himself mixed up in some of the nation's biggest and thorniest legal confrontations. The 61-year-old Democrat has served as a point man in multi-state investigations that helped extract huge payouts from tobacco companies and other big-name corporations, including Microsoft Corp. and Household International Inc.
BUSINESS
January 31, 2006 | Mike Hudson, Special to The Times
For someone with a reputation as a plain-vanilla, middle-of-the-road Midwesterner, Iowa Atty. Gen. Tom Miller has managed to get himself mixed up in some of the nation's biggest and thorniest legal confrontations. The 61-year-old Democrat has served as a point man in multi-state investigations that helped extract huge payouts from tobacco companies and other big-name corporations, including Microsoft Corp. and Household International Inc.
BUSINESS
July 27, 2000 | From Associated Press
In an unusual alliance, lender Ameriquest Mortgage Co. in Orange has joined with a community group that denounced it to provide $360 million in home loans for thousands of low-income families in 10 cities. Officials of Ameriquest and the Association of Community Organizations for Reform Now, a combative group known as ACORN, announced the three-year pilot program Wednesday.
BUSINESS
December 6, 2005 | E. Scott Reckard, From Times Staff and Wire Reports
An Oklahoma woman who sued Ameriquest Mortgage Co. alleging that it botched the refinancing of three rental homes she owns was awarded $4.9 million by a state court jury, which found the Orange lender liable for negligence, defamation and interfering with her business. The Tulsa County District Court jury Nov. 17 awarded $1.
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."
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