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Ameriquest Mortgage Co

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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.
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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.
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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
March 27, 2009 | E. Scott Reckard
To help understand why the Obama administration is pushing for greater financial regulation, it may help to examine the case of Orange County's Ameriquest Mortgage Co., whose dizzying rise was followed by a monumental crash. The company and its affiliates had grown to become the nation's largest subprime mortgage lender when, in January 2006, Ameriquest coughed up $325 million to settle charges it misled borrowers and falsified loan documents.
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
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
January 24, 2006 | From a Times Staff Writer
Monday's settlement creates two primary restitution funds for customers of Ameriquest Mortgage Co. and its sister companies, Town & Country Credit Corp. and AMC Mortgage Services (AMC formerly was known as Bedford Home Loans): * A $175-million pool for borrowers who received loans from Jan. 1, 1999 to April 1, 2003 -- a total of about 240,000 mortgages. A national administrator will distribute these funds, with each eligible borrower to receive at least $600. Most borrowers will be eligible.
BUSINESS
July 27, 2000 | From Associated Press
In an unusual alliance, a major mortgage company has joined with a community group that recently denounced it to provide $360 million in home loans for thousands of low-income families in 10 cities, including Los Angeles. Officials of Orange-based Ameriquest Mortgage Co. and the Assn. of Community Organizations for Reform Now, a combative group known as ACORN, announced the three-year pilot program Wednesday.
BUSINESS
October 10, 2006 | E. Scott Reckard, Times Staff Writer
Consumers who took out home loans from Ameriquest Mortgage Co. or two of its affiliates from 1999 through 2005 can find information about refunds at a new Internet site. The site, www.ameriquestmultistatesettlement.com, provides details about Ameriquest's January settlement of lending abuse allegations with 49 states. The parent of the Orange-based lender, ACC Capital Holdings Corp.
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
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.
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
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
August 25, 2005 | E. Scott Reckard, Times Staff Writer
Roland E. Arnall's ex-wife may continue to seek documents and testimony from the Ameriquest Mortgage Co. billionaire as she attempts to show that he concealed his true wealth when they divorced seven years ago, a Los Angeles judge ruled Wednesday. Sally Arnall contends that her former husband failed to disclose significant assets during lengthy mediation proceedings after they separated in 1996, and that he pressured her into accepting an inadequate settlement of $11 million and two homes.
BUSINESS
March 16, 2007 | E. Scott Reckard and John O'Dell, Times Staff Writers
The parent of Ameriquest Mortgage Co., once the biggest provider of home loans to Americans with checkered credit, fired a large number of its workers Thursday and closed six operations centers around the country in a bid to survive the shakeout in sub-prime lending. Two years ago, Orange-based Ameriquest was at the top of the game -- sponsoring the Rolling Stones on tour and the halftime show at Super Bowl XXXIX.
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.
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