Ameriquest Agrees to $325 Million Settlement

Share this content:
ACC Capital Holdings Corp., owner of Ameriquest Mortgage Co., will pay $325 million in restitution and fines, according to a settlement announced by several states yesterday.

Ameriquest, Orange, CA, did not admit to any wrongdoing as part of the deal. The settlement involves 30 states and is expected to include all 49 states where the company operates. The agreement follows a two-year multistate investigation led by several state attorneys general alleging that Ameriquest violated state laws by misrepresenting loan terms and failing to disclose material information to borrowers.

According to the Massachusetts Attorney General's office, consumers reported that they contacted Ameriquest after receiving direct mail from the company or saw a television commercial encouraging them to call and learn more about how to reduce their mortgage payments. Ameriquest promised certain refinance loan terms to reduce mortgage payments, but when consumers finally closed on the loans, the terms often were significantly different.

The nation's largest subprime lender also has agreed to change its business practices to settle allegations that it falsified home values and borrower incomes and used other high-pressure and unfair tactics.

"This company promised cheaper monthly payments, better terms and cash on time. Instead, consumers only got higher rates, prepayment penalties and large point charges," Massachusetts Attorney General Tom Reilly said in a statement.

Eligible Ameriquest customers are those who obtained new mortgages between Jan. 1, 1999, and April 1, 2003.


Next Article in Marketing Strategy

Sign up to our newsletters

Company of the Week

Since 1985, Melissa has helped thousands of companies clean, correct and complete contact data to better target and communicate with their customers. We offer a full spectrum of data quality solutions, including global address, phone, email, and name validation, identify verification - available for batch or real-time processes, in the Cloud or on-premise. Our service bureau provides dedupe, email/phone append and geographic/demographic append services for better targeting and insight. For direct mailers, Melissa offers easy-to-use address management/postal software, list hygiene services and 100s of specialty mailing lists - all with competitive pricing and excellent customer service.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above