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  • Ameriquest to pay $325 mln in lending settlement

    01/23/2006 7:50:02 PM PST · by NormsRevenge · 7 replies · 747+ views
    Reuters on Yahoo ^ | 1/23/06 | Dan Wilchins
    NEW YORK (Reuters) - Ameriquest Mortgage Co. said on Monday it agreed to pay $325 million in the second largest U.S. consumer lending settlement to clear up claims that its lending practices abused customers in 49 U.S. states. A two-year investigation found that salespeople at the company concealed interest rate and loan costs, pressured appraisers to inflate values of borrowers' homes, and used other high-pressure tactics to close deals, New York Attorney General Eliot Spitzer's office said in a statement on Monday. The agreement requires Ameriquest, one of the largest U.S. mortgage lenders to people with poor credit, to pay...