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Ameriquest settles predatory lending suits, but there’s not much money left
Thursday, January 28, 2010
Los Angeles Times: E. Scott Reckard reports the Ameriquest group of subprime lenders “has pledged $22 million to repay aggrieved borrowers and their lawyers — a fraction of its payments in previous suits before it shut down as the mortgage meltdown set in. The agreement potentially affects 712,000 borrowers from what once was the nation’s largest subprime lender.” Among borrowers’ complaints: hefty upfront charges, interest rates higher than promised, and loans with variable rates after fixed rates were promised. (The link to the settlement web site in the Times article is incorrect. This will take you to the site.)
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Tags: Ameriquest, Mortgage industry, Subprime industry, Subprime lending;
Category: In The News;