The Ameriquest blimp has left the building!
Posted on 03/15/2007 11:54:06 AM PDT by BurbankKarl
ACC Capital Holdings, the Orange-based parent of Ameriquest Mortgage Co., said it is laying off workers today "across all lines of business" and combining some of its operations to cut costs amid a downturn in the subprime mortgage industry.
The company declined to say how many workers are being laid off. Employees said the number in Orange County was at least 100, and possibly many more than that.
ACC, in a statement, also said it is "centralizing its retail origination and portfolio retention operations to Southern California and consolidating its New York wholesale loan production operations into its Illinois facilities."
"This is a very challenging non-prime market," the company added. "Only companies with the ability to control costs and improve loan quality are going to be successful."
(Excerpt) Read more at ocregister.com ...
The Ameriquest blimp has left the building!
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
The footprint of the subprime mortgage failures just happen to be in the areas where there is a large population of illegal - ooops! undocumented - aliens. Like southern California, the southwest border states, the southeast, North Carolina, Denver - go figger!
Good riddance. I had a terrible time getting rid of an Ameriquest rep once. Somehow he had gotten to the Mrs. and had the whole loan, closing documents and all, drawn up without even talking to me. The rate was ridiculous. He seemed bemused when I told him I had no need for his services, since my credit doesn't suck. He then said that they also have loans at good rates for people with good credit and, if that’s what I wanted, I could get one of those instead.
I thought about that, but it didn't really look like anything. Besides, I don't want to provoke any of the ROP members to violence. On second thought, what the hell.
What's the correlation between sponsoring athletic stadiums and going bankrupt? It's pretty high I think.
Conseco
Worldcom
United Airlines
Enron
Adelphia Communications
TWA
National Car Rental
America West
Delta Airlines
http://texas.rangers.mlb.com/tex/ballpark/index.jsp
This has nothing to do with illegals. It is Greenspans M.O. to bail out investors with liquidity - Asians, Stock Investors, Real Estate. The loose lending practices let anyone with a pulse get a loan. It also enabled people to buy in way over their heads in the overheated markets. It also was the ATM for some. Those weren't illegals. Now those issues are coming home to roost. The question now is how far will the problems go? Apparently they are beginning to creep up into low a categories.
Who do you think got those mortgages? There is already numerous studies that show a high percentage of subprimes, going back to 2003 and escalating in the housing bubble of 2005-06, went to hispanics and african-american borrowers.
The boys in the banking business and the WSJ and the White House don't want this out until the amnesty votes. Bottom line, most of those subprimes did not go to boomers cashing out to get their Volvos.
All those subprime mortgages have an address. The records (few that they are) show a footprint that coincides with the heaviest concentrations of hispanics and african-americans. Many have a taxpayer number rather than an SS number (=illegals). These studies were not concerned with subprimes so much as they were focused on predatory lending taking advantage of minorities. Discrimination against blacks has been around a long time, but tapping into the hispanic market to win their business is new and has been an all out effort, now expanding to credit cards.
More than half the new loans in the Central Valley went to people who didnt speak English....Visalia in particular.
This has a lot to do with illegals..I'm in the real estate/ mortgage business in southern california and it all started with the investigation of fraudulant loans. There are brokers who are having to by back loans from lenders because guess what, they used false information such as SS#'s and fake CPA letters to verify employment. I know of one franchise office in Santa Ana where the top producer makes $500k a year and her business is all illegals and fraudulant deals, overstating income and bad SS#'s. Ha..One broker got shut down because the same SS# was used 6 times on different deals...when those people are the main buyers in the market do the math. Tell me how my neighbors gardner bought a $450k home with no green card and SS? Oh and by the way, that top producer said if the sh*t hit the fan, she'd just go back to Mexico..where she's been sending her money for the last several years.
Well I'm sure some loan fraud will be found but it is not all illegals. To characterize this as an illegal problem is wrong. It was fueled by Greenspan's injection of liquidity and cheap money. The bankers passed it on. Sure some are shady but in the end this is a broad based issue.
A local real estate freind said 50% of the homes he has shown in the last month are empty. People have bought up and can't sell because lending practices have tightened. The potential buyers can't move up because they used their home as an ATM or are trapped in a ARM and can't get a new load, . . . . because the lending practices have tightened. Also, the radio ads are now 'Make money on foreclosures!"
Oh, there is plenty of money to be made on foreclosures. Of course, you have to have cash to play that game.
Employees leave the Ameriquest Mortgage building at 505 City Parkway, in Orange. Today hundreds of employees were laid off from the troubled company. Many carried their personal belongings out of the building.
BLUE THURSDAY: Jason Osborn 32, of Orange, savors his beer at Dave &Buster's after being laid off from his job as an underwriter at Ameriquest Mortgage. A fellow employee, left, wears a badge that quotes managements terminology for the lay off.
The comments on OCregister say 500 layoffs...others say more.
But I thought Coupe Deval was going to save Ameriquest - along with his Clinton buddy Rubin.
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