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Ameriquest Mortgage Co

BUSINESS
June 24, 2005 | E. Scott Reckard, Times Staff Writer
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.
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BUSINESS
March 26, 2005 | E. Scott Reckard, Times Staff Writer
A legal aid group is calling on Pennsylvania regulators to investigate Ameriquest Mortgage Co., citing an alleged "pattern of unfair, deceptive and unethical conduct" that could be grounds for revoking its lending license in the state. In a complaint on behalf of six Ameriquest borrowers, Community Legal Services Inc. of Philadelphia accused the Orange County-based company of using "bait and switch" tactics to stick borrowers with higher fees, rates and payments than promised.
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
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
March 15, 2005 | E. Scott Reckard and Josh Friedman, Times Staff Writers
Ameriquest Mortgage Co. said Monday that authorities in 25 states had raised questions about its lending practices, including the accuracy of its appraisals and how loan terms are described in spoken statements to borrowers. The Orange County-based company also said it had agreed to pay up to $50 million to settle a class-action lawsuit that alleges it defrauded thousands of borrowers in four states, including California.
BUSINESS
April 16, 2000 | EDMUND SANDERS, TIMES STAFF WRITER
Scores of protesters stormed into an Ameriquest Mortgage Co. office outside Washington last month, chanting slogans such as "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
July 29, 2005 | E. Scott Reckard and Kathy M. Kristof, Times Staff Writers
Ameriquest Capital Corp., the No. 1 lender to homeowners with bad credit, said Thursday that it had earmarked $325 million to help resolve a 30-state investigation into complaints of overcharges, hidden fees, puffed-up appraisals and fabricated borrower income statements. No final settlement has been reached with the Orange-based parent of Ameriquest Mortgage Co., a task force of state attorneys general said in a statement.
CALIFORNIA | LOCAL
November 9, 2005 | Patrick McGreevy, Times Staff Writer
The head of the Mexican American Political Assn. on Tuesday called on Los Angeles Mayor Antonio Villaraigosa to drop support of an ambassadorship for an owner of Ameriquest and urged him not to use the mortgage company's jet again. Also, the executive director of California Common Cause urged Villaraigosa to disclose the full value of flights that he, an aide and their security detail took Nov.
CALIFORNIA | LOCAL
November 8, 2005 | Patrick McGreevy, Times Staff Writer
Los Angeles Mayor Antonio Villaraigosa faced criticism Monday for requesting the use of a jet owned by Ameriquest, a mortgage firm that has a City Hall lobbyist assigned to press its interests with the mayor. Villaraigosa, who once worked for the firm, flew last week on the private jet to Detroit with an aide and his security detail after receiving a last-minute invitation to speak at the funeral of civil rights pioneer Rosa Parks.
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.
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