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Subprime Predatory Lender Ameriquest Mortgage
UCAN Member amilin writes
"I heard this segment on npr about ameriquest's loan practices. The problem is that when people sell their house they then, among other things, owe ameriquest ridiculous closing costs. Also, there is a class action suit and apparently the state attorney generals have been watching and ameriquest has narrowed their call center to one main station only. Here's the story I saw.
http://www.npr.org/templates/story/story.php?storyId=9937595"
Ameriquest Mortgage and some of its other names is exposed throughout the Internet as an example of predatory lending. The advertising and teaming up with appraisers, real estate agents and a few specific lawyers, create an absurdly unregulated license to target innocent victims.
Reported as early as 2004, the BBB stated that Ameriquest Mortgage and its related subsidiaries entered into settlement agreements with 49 State Attorney's General.
It appears that even though 49 states get enough complaints to go after the same company, that no federal action on misrepresentation and fraud with criminal penalties has done anything more than allow states to make settlement agreements with fines. In the case of Virginia, the company's settlement agreement didn't even include fault. There are several Los Angeles business locations for Ameriquesst that show the numbers and types of complaints with only the Better Business Bureau. If you search www.bbb.org and type in Ameriquest, you will see approximately 200 U.S. locations. In California, this writer found about 18 locations, The Los Angeles area shows a total of 689 complaints. 498 of these complaints are for failure to "agree to perform according to their contract". So once the company pays the fines and the settlement agreement timelines end, the company is free to continue its practices. It's curious why politicians are just now getting to the core of the problem in hearings when the practice and its potential repurcussions have been going on since the federal government decided no rules need apply to industry because market competition will take care of all issues. Surprise, market competition didn't work for predatory lending and it's not working for any other industry abuses!
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scams
"Predatory lending is very prominent nowadays as the industry of payday loan companies is fast growing." I agree with this. It's a shame but people rip others through this mechanism. My advice for everyone is to get informed as much as possible in an attempt to avoid scams.
Ameriquest is now on my list
Ameriquest is now on my list of companies to scrupulously avoid. Thanks!
It seems that predatory
It seems that predatory lenders are very common nowadays. Banks are the biggest predatory lender, few of them provide good service to their clients, yet there are many who use unethical practices. Not only they overcharge customer but also get paid in other hidden ways. We should avoid predatory lenders, be a responsible and knowledgeable consumer. I have read an article on this site: http://personalmoneystore.com/moneyblog/2008/08/04/banks-caught-lying-ab... It tackles about how the banks make their business and how they contribute to the nation – being the biggest predatory lender.
There is no doubt that the
There is no doubt that the financial market ca quite unsure if we talk about long term investments but this only happens when people are now well informed about the services or companies they are applying for. As far as I know there are also financial programs that help small investors to develop their business, after all nobody has nothing to loose in this equation. I couldn't have had my own business now without applying for small business loans, it was a real chance for me.
subprime mortgage fraud
Mortgage debt elimination is certainly a horrible and sure way to lose your home to foreclosure. Learn more about mortgage fraud and how to avoid it.
heres a URL: http://redding.mckenziecentral.info/article794.htm
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