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Ameriquest Mortgage Co

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.
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.
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.
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.
January 24, 2006 | E. Scott Reckard, Times Staff Writer
Ameriquest Mortgage Co.'s $325-million settlement of predatory lending charges will set new standards for the lending industry and provide $43 million for California customers, but critics said that the deal didn't go far enough to reimburse borrowers.
December 14, 2005 | E. Scott Reckard and Christian Berthelsen, Times Staff Writers
Ameriquest Mortgage Co. would overhaul its business practices under supervision of an outside monitor to settle allegations by 33 states that it overcharged its home loan customers and pressured appraisers to inflate property values, according to a draft of the settlement. The proposed deal includes a payment of $325 million -- $295 million to repay borrowers and $30 million to cover the cost of the states' investigation, according to a copy of the proposal obtained by The Times.
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.
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.
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.
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.
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