Ameriquest
Settlement Facts
- Ameriquest Mortgage Company is the largest privately
held retail mortgage lender in America and the largest subprime
lender by volume. The company is headquartered in Orange
County, California.
- Ameriquest is settling with 49 states and the District
of Columbia (the company has never done business in Virginia)
over allegations regarding certain lending practices.
Ameriquest denies all allegations but has agreed to implement
new standards to prevent the alleged practices from
occurring in the future.
- Ameriquest will pay $295 million to consumers nationwide in restitution.
Each state's share depends on the value of loans held by
that state's consumers.
- The settlement impacts Ameriquest loans taken out between
January 1999 and December 2005; however, not all loans taken out in this period were affected..
- Tennessee's share of the settlement is approximately $2.5
million. The exact number will not be known until a settlement
administrator begins work on distributing
these sums.
- Ameriquest agreed to institute significant changes in its
business practices and relations with consumers and pay
for a monitor and report on compliance with the settlement
through December 31, 2010.
- Consumers do not need to do anything at this time. If
they are eligible for restitution they will be notified
by letter at a later date by the settlement administrator.
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