July 15, 2005 |
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."
August 25, 2005 |
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.
March 22, 2006 |
California officials Tuesday filed a formal settlement with Ameriquest Mortgage Co. that would provide borrowers in the state as much as $50 million in restitution, but cautioned that consumers wouldn't see the money for at least another year. The agreement, filed in Alameda County Superior Court, governs California's portion of a $325-million settlement of predatory lending allegations with 49 states and the District of Columbia.
July 13, 2007 |
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.
March 27, 2009 |
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.
May 6, 2006 |
Ameriquest Mortgage Co.'s decision to close all 229 of its retail branches and eliminate 3,800 jobs follows a steep decline in its lending volume and attempts to find a buyer, according to analysts who follow the home-loan business. The Orange-based lender said Friday that it was not for sale. But it has been squeezed hard by rising interest rates and bitter competition. Ameriquest officials said loan volume plunged 46% to $2.6 billion in the first quarter from $4.8 billion a year earlier.
April 9, 2000 |
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.
January 31, 2006 |
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.
July 27, 2000 |
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.
June 24, 2005 |
Attorneys who contend that Ameriquest Mortgage Co. overcharged thousands of customers by using "bait and switch" tactics will ask a state judge today to approve a settlement that could return as much as $50 million to borrowers in California and three other states.