34:
399:
practices against older, female, and minority borrowers. Prosecutors accused it of allowing mortgage brokers and its own employees to charge these customers an additional fee of as much as 12 percent of the loan amount. As part of the
436:" sales tactics at Ameriquest. Their investigation found evidence that the company had undertaken various questionable practices, including "deceiving borrowers about the terms of their loans,
404:, Ameriquest agreed to use the educational fund to train its employees in proper mortgage techniques and to refrain from utilizing predatory lending techniques, but only within the State of
499:
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stated that the settlement reinforced his concern that the industry was exploiting borrowers and that he was "shocked to find those customers had been lured away by the '
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20:
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330:
in 1994, the company was renamed Long Beach
Mortgage Co. In 1997, the department that funded loans made by independent
517:
Former
Ameriquest employees alleged that they were pushed to falsify documents on bad mortgages and then sell them to
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On August 1, 2005, Ameriquest announced that it would set aside $ 325 million to settle investigations by 30
1136:
948:
538:
379:
completed its acquisition of Argent
Mortgage and AMC Mortgage Services, shutting down Ameriquest Mortgage.
315:
287:
922:
567:
236:
648:
345:
Long Beach
Savings & Loan was subsequently reorganized into three divisions under the auspices of
1332:
1242:
910:
883:
423:
311:
66:
1327:
1082:
958:
846:
419:, a national organization of community groups, promising to offer $ 360 million in low-cost loans.
412:
1037:
905:
833:
448:
350:
335:
128:
676:
1057:
433:
323:
215:
lenders until its dissolution in
September 2007. Among the first mortgage companies employing
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468:
346:
279:
8:
1390:
1322:
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167:
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In 1996, the company agreed to pay $ 3 million into an "educational fund" to settle a
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684:
597:
428:
396:
358:
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224:
162:
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and fabricating borrowers' income to qualify them for loans they couldn't afford."
401:
369:
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1366:
869:
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220:
824:
Ameriquest $ 325 settlement press release with links to agreement and fact sheet
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banks looking to make fast profits. There is growing evidence that such
451:
into allegations that it had preyed on borrowers by offering loans with
460:
405:
263:
132:
70:
44:
775:
Becker, Jo; Sheryl Gay
Stolberg; Stephen Labaton (December 20, 2008).
511:
376:
209:
115:
1276:
275:
235:, whereby potential borrowers were allowed to claim income without
223:
and hasten the loan application process, Ameriquest was accused of
216:
212:
838:
33:
476:
437:
1261:
List of banks acquired or bankrupted during the Great
Recession
488:
331:
295:
587:
507:
267:
1096:
479:—Ameriquest had already settled multimillion-dollar suits.
239:. The proliferation of lending to customers with marginal
1127:
Dodd–Frank Wall Street Reform and
Consumer Protection Act
322:, called Long Beach Savings & Loan. After moving to
353:
owned entirely by Arnall: Ameriquest
Mortgage Company (
1507:
Companies that filed for
Chapter 11 bankruptcy in 2007
1238:
National fiscal policy response to the Great Recession
506:
to Arnall with the actual intent to hinder, delay, or
647:
Hudson, Mike; Reckard, E. Scott (February 4, 2005).
617:
615:
613:
500:
District Court for the Northern District of Illinois
1477:
Financial services companies disestablished in 2007
231:. The company was notable for its promotion of the
1357:(Europe, Middle East and North Africa, Asia; 2009)
642:
640:
247:, but also a catalyst to Ameriquest's own demise.
243:proved to be not only a key factor leading to the
610:
588:Paul Muolo and Mathew Padilla (2 February 2010).
1472:Financial services companies established in 1979
1453:
1165:
834:NPR: Former Ameriquest Workers Tell of Deception
777:"White House Philosophy Stoked Mortgage Bonfire"
494:On June 13, 2007, lawyers for borrowers seeking
368:In 2004 alone, Ameriquest was estimated to have
829:Forbes Magazine top 400 entry for Roland Arnall
637:
382:
1208:American Recovery and Reinvestment Act of 2009
1073:Office of Federal Housing Enterprise Oversight
623:"Road to Ruin: Mortgage Fraud Scandal Brewing"
854:
741:"Lender Lobbying Blitz Abetted Mortgage Mess"
502:that "assets of the Ameriquest entities were
372:over $ 50 billion in new subprime mortgages.
1132:Emergency Economic Stabilization Act of 2008
796:"Lawsuit sets sights on Ameriquest founder"
787:
677:"Ameriquest, a Subprime Lender, Is Closing"
250:Ameriquest was widely known throughout the
1269:
1223:Fraud Enforcement and Recovery Act of 2009
1147:Term Asset-Backed Securities Loan Facility
861:
847:
701:
426:and E. Scott Reckard broke a story in the
32:
1403:Effects of the Great Recession on museums
1233:Housing and Economic Recovery Act of 2008
1117:China–Japan–South Korea trilateral summit
770:
768:
411:In 2001, after being investigated by the
1097:Government policy and spending responses
1063:Government National Mortgage Association
1157:2008 United Kingdom bank rescue package
738:
720:from the original on September 10, 2008
708:Reckard, Scott E. (September 1, 2007).
649:"Workers say lender ran 'boiler rooms'"
245:2007 subprime mortgage financial crisis
1467:American companies established in 1979
1454:
765:
556:
544:Mortgage industry of the United States
1482:Defunct companies based in California
1462:Mortgage lenders of the United States
1142:Temporary Liquidity Guarantee Program
1112:Banking (Special Provisions) Act 2008
1095:
1033:Federal Deposit Insurance Corporation
842:
646:
415:, the company settled a dispute with
1492:2007 disestablishments in California
1028:Consumer Financial Protection Bureau
671:
669:
1318:Collateralized mortgage obligations
868:
794:Reckard, E. Scott (June 19, 2007).
710:"Citi to buy remains of Ameriquest"
459:. In at least five of those states—
13:
525:may have been at the heart of the
306:Ameriquest was founded in 1979 by
14:
1518:
1487:1979 establishments in California
1413:2007–2008 world food price crisis
1213:Chinese economic stimulus program
1198:2008 European Union stimulus plan
1122:Commercial Paper Funding Facility
817:
666:
338:that was ultimately purchased by
16:American subprime mortgage lender
1441:List of countries by public debt
1068:National Asset Management Agency
793:
739:Simpson, Glenn R. (2007-12-31).
707:
564:"History of the Lehman Brothers"
527:financial crisis of 2007 to 2010
229:United States banking regulators
1396:2008 Central Asia energy crisis
1313:Collateralized debt obligations
1203:2008–2009 Keynesian resurgence
1048:Federal Housing Finance Agency
1043:Federal Housing Administration
732:
581:
498:asserted in a filing with the
481:Federal Housing Administration
361:), and AMC Mortgage Services (
326:and being converted to a pure
1:
1218:Economic Stimulus Act of 2008
1152:Troubled Asset Relief Program
1078:Office of Financial Stability
1053:Federal Housing Finance Board
987:Société Générale trading loss
549:
1137:Irish emergency budget, 2009
539:United States housing bubble
422:In February 2005, reporters
383:Predatory lending allegation
316:savings and loan association
7:
570:-Lehman Brothers Collection
532:
56:; 45 years ago
10:
1523:
1436:2007–2008 financial crisis
1328:Mortgage-backed securities
939:Automotive industry crisis
596:, 2008, 2010. p. 86.
568:Harvard University Library
301:
237:verification of employment
18:
1497:Subprime mortgage lenders
1426:
1383:
1341:
1333:Secondary mortgage market
1298:
1254:rescues, and acquisitions
1252:Government interventions,
1251:
1243:Zero interest-rate policy
1190:
1102:
1091:
1020:
967:
954:Housing market correction
931:
876:
312:Orange County, California
190:
176:
155:
143:
124:
108:
98:
90:
80:
50:
40:
31:
1502:Subprime mortgage crisis
1351:(United States; c. 2009)
1083:UK Financial Investments
968:Banking losses and fraud
959:Subprime mortgage crisis
944:California budget crisis
413:Federal Trade Commission
19:Not to be confused with
1369:(worldwide; 2011–2012)
1308:Auction rate securities
1038:Federal Home Loan Banks
683:. Reuters. 2007-08-31.
449:state attorneys general
391:lawsuit accusing it of
336:publicly traded company
205:was one of the largest
1058:Federal Reserve System
932:United States-specific
491:' of subprime loans".
440:documents, falsifying
375:On September 1, 2007,
324:Long Beach, California
103:Chapter 11 liquidation
1408:Decline of newspapers
1355:2009 May Day protests
1301:and financial markets
1191:Stimulus and recovery
627:American News Project
594:John Wiley & Sons
221:prospective borrowers
1431:European debt crisis
1323:Credit default swaps
1299:Securities involved
1105:stability and reform
357:), Argent Mortgage (
351:private conglomerate
347:ACC Capital Holdings
334:was spun off into a
256:promotional activity
1391:2000s energy crisis
1103:Banking and finance
1021:Government entities
745:Wall Street Journal
294:halftime show, and
195:Ameriquest Mortgage
178:Number of employees
45:Investment services
28:
27:Ameriquest Mortgage
1373:Occupy Wall Street
1349:Tea Party protests
1007:Scott W. Rothstein
681:The New York Times
389:Justice Department
288:A Bigger Bang tour
233:stated income loan
168:Investment Banking
26:
1449:
1448:
1418:Retail apocalypse
1363:(MENA; 2010–2012)
1294:
1293:
1290:
1289:
1186:
1185:
1166:Bank stress tests
800:Los Angeles Times
714:Los Angeles Times
653:Los Angeles Times
603:978-0-470-55465-4
514:in this action."
429:Los Angeles Times
397:predatory lending
359:wholesale banking
340:Washington Mutual
225:predatory lending
200:
199:
163:Subprime mortgage
1514:
1342:Social responses
1267:
1266:
1163:
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863:
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716:. No. C-1.
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485:Brian Montgomery
457:balloon payments
292:Super Bowl XXXIX
241:creditworthiness
64:
62:
57:
36:
29:
25:
21:AmeriQuest, Inc.
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1379:
1367:Occupy movement
1337:
1300:
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1265:
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1247:
1182:
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1104:
1098:
1087:
1016:
963:
927:
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870:Great Recession
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633:. May 13, 2009.
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328:mortgage lender
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1384:Related topics
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1282:General Motors
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818:External links
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590:Chain of Blame
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523:mortgage fraud
424:Michael Hudson
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363:loan servicing
355:retail banking
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284:Rolling Stones
278:stadiums; and
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997:Bernie Madoff
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992:Forex scandal
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631:The Real News
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85:Roland Arnall
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67:Orange County
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803:. Retrieved
799:
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756:. Retrieved
744:
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722:. Retrieved
713:
703:
692:. Retrieved
680:
656:. Retrieved
652:
589:
583:
572:. Retrieved
558:
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496:class status
493:
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427:
421:
410:
386:
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367:
344:
319:
305:
249:
202:
201:
183:
125:Headquarters
1361:Arab Spring
1270:Non-banking
1002:Tom Petters
519:Wall Street
504:transferred
489:fool's gold
465:Connecticut
453:hidden fees
434:boiler room
219:to solicit
145:Area served
129:Los Angeles
1456:Categories
758:2022-01-31
694:2018-05-15
629:hosted by
574:2010-12-01
550:References
512:plaintiffs
461:California
442:appraisals
406:California
402:settlement
370:originated
264:television
262:widely on
260:advertised
203:Ameriquest
133:California
71:California
980:Tom Hayes
877:By region
753:0099-9660
689:0362-4331
377:Citigroup
342:in 1999.
298:drivers.
280:sponsored
217:computers
210:sub-prime
116:Citigroup
109:Successor
1277:Chrysler
889:Americas
718:Archived
533:See also
276:baseball
272:football
254:for its
213:mortgage
156:Products
41:Industry
923:Oceania
916:Iceland
508:defraud
477:Florida
469:Georgia
438:forging
432:about "
393:gouging
332:brokers
314:, as a
302:History
266:; flew
191:Website
182:2,000 (
91:Defunct
81:Founder
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911:Europe
884:Africa
805:28 May
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724:26 May
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475:, and
320:thrift
296:NASCAR
290:, the
268:blimps
417:ACORN
318:, or
310:, in
270:over
258:. It
1178:U.S.
906:Asia
807:2018
749:ISSN
726:2018
685:ISSN
660:2018
598:ISBN
510:the
455:and
395:and
349:, a
282:the
274:and
184:2007
99:Fate
94:2007
75:U.S.
61:1979
54:1979
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