Dawn Arnall ?

I have done this site especially for Dawn Arnall
in order to visit thishousewillexist.org

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Ameriquest Mortgage Co., which in 2005 was the largest U.S. mortgage lender, will close.

Citigroup Inc., the largest U.S. bank, said on Friday it agreed to buy assets and wholesale mortgage origination services, ACC Capital Holdings, parent of Ameriquest Mortgage Co., which specializes in high-risk customers.

Terms of the transaction were not disclosed.

The acquisition includes rights to service loans for 45 billion dollars, and a small amount of other credits.

Agreement

Citigroup in February was the option to purchase the origination platform and services, as part of an agreement to provide working capital to ACC Capital Holdings.

ACC, meanwhile, "is preparing an orderly shutdown of its retail mortgage business, which is no longer accepting applications," said spokesman Chris Orlando.

The industry has been battered in recent months by increased delinquencies and as investors stopped buying loans.

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This website provides information on the January 2006 agreement between states and Ameriquest Mortgage Company (the "Agreement"). On this website you will find detailed information about the Settlement and who may be eligible to receive restitution payments, as well as answers to frequently asked questions.

The agreement resolved an investigation by the Attorneys General and / or banking and financial regulators from all states (except Virginia) and the District of Columbia on claims that Ameriquest and other affiliated companies had engaged in illegal lending practices mortgage from 1 January 1999 to December 31, 2005. This included Ameriquest, ACC Capital Holdings Corp., Town and Country Credit Corp. and AMC Mortgage Services, Inc. (formerly operated commercially under the name Bedford Home Loans). Together, this website refers to these companies as "Ameriquest."

A Settlement Fund of $ 295 million was established to make restitution payments to certain borrowers of Ameriquest identified by the states. As of July 9, 2007, borrowers who were eligible for a payment were mailed letters of notification and Release Forms. The Notice stated in detail the minimum payment of restitution dollars eligible borrowers may receive. To participate, you must have signed and returned, postmarked no later than September 10, 2007, the Release Form included with your notification letter.

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USA: Ameriquest closed its 229 local and 3,800 employees dismissed
The mortgage company Ameriquest Mortgage shut down its 229 local customer service, as they involve the dismissal of 3,800 workers.

This is in response to low turnover in the U.S. mortgage market and increased Internet activity because many customers use this to mortgage their property.

The dismissal amounts to one third of the workers of the company says the layoffs are not only due to the cooling of the market, but also to change the habits of their customers with lower credit quality.

The customer service centers in California, Arizona, Illinois and Connecticut finished processing the approvals by Ameriquest employees before transferring all operations to the company headquarters in Orange, California.

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Attorney General Announces Agreement dramatic $ 325 million with the mortgage company Ameriquest Mortgage

The agreement with the states is in refunds to Texas homeowners and reforms to lending practices

AUSTIN - Texas Attorney General Greg Abbott today announced a multi-state $ 325 million settlement with Ameriquest Mortgage Corp., which completely reform the predatory practices undertaken by the company to extend loans. The agreement will result in several important reforms to the financing of homes and refunds to thousands of Texas homeowners affected by practices of the company.

The company Ameriquest, which is headquartered in Orange, California and is the largest lender in the nation of conventional lines of credit to refinance mortgage, you pay $ 295 million of a total of $ 325 million to affected consumers. An estimated 18 million are in refunds to homeowners who refinanced their mortgages Texas through Ameriquest from January 1999.

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"A mortgage may be the most difficult - and more important and valuable - transaction most consumers make in their lives," said Attorney General Abbott. "Texas law requires that potential buyers of a home are treated fairly, and this agreement ensures that they are. Equally important, this agreement will serve as an example to set the guideline for ethical business practices in the industry. Thanks to Ameriquest for reaching this agreement. "

The long investigation by Texas and other states since 2004 concluded that Ameriquest and its employees were involved in plans for high-pressure sales to refinance the mortgages of homeowners who did not suspect anything. It is estimated that the company has made a profit of 5 billion dollars in mortgage loans in Texas since 1999.

"The goal of these consumers was to reduce their monthly mortgage payments, meanwhile, consolidate some credit card debt or other debt," said the Attorney General. "However, Ameriquest exploited this need, convincing homeowners the option to refinance a significant benefit when in fact harmed financially were under such contracts. The company pressured employees to obtain high numbers of unrealistic sales and commissions, all of which adversely affect homeowners. "

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The agreement ratified with Texas, 48 ??other states and the District of Columbia prohibits the company will participate in predatory lending tactics and conduct insistent to consumers. Now, Ameriquest will offer the same interest rates and discount points to homeowners with credit histories, income and value of similar property and provide full disclosure of interest rates, points and prepayment penalties.

Ameriquest was formed to put a stop to the practice of encouraging homeowners to falsify income sources or levels to qualify for refinancing loans that carry higher interest rates and provide benefits to employees of the company. The company also has agreed to provide accurate estimates and good faith and valuations of the property and use independent agents more clients to sign documents to accept a loan.

Of the $ 295 million in restitution promised to consumers, most will be distributed through a process of national claims to people who obtained mortgages between January 1, 1999 and April 1, 2003. These dates represent the period of time that occurred the worst practices of the company against the homeowners.

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The remaining amount will be allocated based on the percentage of loans from Ameriquest customers with their most recent in each state. These will be assessed a restitution formula that recognizes that the company had improved its business practices to homeowners, although some problems still persisted and required financial compensation to the consumer.

The agreement requires Ameriquest to make payments to a fund established by the agreement for the next 12 months. The settlement administrator will then calculate the amount to be paid to individual homeowners. Restitution to consumers will begin after one year. Homeowners who qualify for refunds will receive information by mail.

The settlement includes ACC Capital Holding Corp. and its subsidiaries, Ameriquest Mortgage Co., Town and Country Credit Corp. and AMC Mortgage Services Inc., formerly known as Bedford Home Loans.

Consumers who believe they have been defrauded or misled by a mortgage company can call the toll-free hotline of the Attorney General to file complaints at (800) 252-8011 or file a complaint through the Internet www.oag.state . tx.us. The Attorney General has information and bilingual staff to assist you.


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