Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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Ameriquest, a Subprime Lender, Is Closing

By REUTERS
Published: August 31, 2007

Ameriquest Mortgage, the largest American subprime lender as recently as 2005, is closing.

Related

Accredited Home Soars on Merger Hopes (August 31, 2007)

Citigroup said today that it had agreed to buy the wholesale mortgage origination and servicing assets of Ameriquest’s parent, ACC Capital Holdings, for an undisclosed price.

The acquisition includes servicing rights on $45 billion of loans, as well as a small amount of other loans and residuals. Citigroup had obtained an option to buy the assets in February as part of an agreement to provide funds to keep ACC in business.

ACC, meanwhile, “is preparing the orderly wind down of its retail mortgage business, which is no longer accepting applications,” said Chris Orlando, a spokesman. The company is based in Orange, Calif.

Roland Arnall, now the United States ambassador to the Netherlands, founded ACC in 1979, and his wife, Dawn, is ACC’s chairman, according to their official government biographies. Roland Arnall remains the company’s principal owner, Mr. Orlando said.

Subprime lenders make loans to people with poor credit. The industry has been battered in recent months as defaults rose and investors stopped buying home loans that were being made.

Ameriquest was the first major subprime lender to downsize in the current housing cycle, deciding in May 2006 to close all 229 retail branches and cut 3,800 jobs.

Jeffrey Perlowitz, Citigroup’s head of global securitized markets, said in a statement that the transaction “allows Citigroup to secure valuable and scalable platforms in a market undergoing significant change.”

ACC’s vice chairman, Adam Bass, in a statement called the transaction “a positive step” for customers and employees.

Mr. Orlando, ACC’s spokesman, declined to disclose Ameriquest’s recent loan volumes or employee base.

Citigroup’s purchase is scheduled to close on Saturday.

Ameriquest, a Subprime Lender, Is Closing - New York Times

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"Roland Arnall remains the company’s principal owner, Mr. Orlando said."

Big surprise the Roland Arnall and the Senators on the foreign relations committee lied when they said Roland Arnall no longer owns the company.
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Your right Greg, He lied to everyone and is boasting about it. How come he can lie and some of the other people in congress can't?

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AddingUpThePredators
With Subprime Hot Air in DC, Cold-Blooded Citigroup Buys Ameriquest
Inner City Press - all 1 news articles »


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Citigroup's own existing platform has made it the only lender to have twice settled predatory lending charges with Federal agencies, for $240 million with the Federal Trade Commission, and another $70 million in 2004 with the Federal Reserve. Since then Citigroup's high-cost lending has gotten even more racial disparate.
 
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Ewwwww.
 
They will not be deterred by an FTC suit and or settlement.
 
Who sees Citigroup standing up to get the money incentive should their be any for the borrowers that
got slapped with unethical greedy loans?
 
They wanted Ameriquest's platform?
 
That is another area that needs to have the light shone
upon it.  It should be transparent to borrowers but it isn't and they hide behind it.
 
Borrowers should be advised with an addendum to
their loans what triggers the frenzy of foreclosures.
 
I think it begins with the first phoney late fee assessment
 
Especially repugnant, is when the late fee is not deserved.  The borrower is paid current.  Only, to end
up losing their house to phoney fees piggybacked which is used as the toxic ingredient to launch the foreclosure.
 
I think we've learned, the borrower would be better off
paying the undeserved late fee assessment to avoid
the piggybacked fees.
 
Naturally, borrowers don't want to pay phoney fees.
Withholding payment is what they want so that next month's payment is short according to their records.
That's 2.  One more, strike 3 and you're out.
 
As long as there is no remedy for borrowers to fight
foreclosure in the courts, borrowers are going to continue to lose their houses at unprecedented numbers.
 
When this company gets the servicing rights to your mortgage, get ready for an apache knife fight.
 
You'll be tethered at the wrist for a fight to the death
for your house.
 
Stop calling your home a home.  It is about to become
a house.  Something temporary that you will lose as they pick the bones of the borrower.
 
Of course, I see prior bad acts on their part as a little something to throw at them when you do battle.
 
We should be taking a look at those two settled FTC
cases to see what we can use from them.  Lots of people are probably going to be looking for help.
 
Dee
 
 
 
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He lied to congress
 
 
 
Citigroup Bought Ameriquest Under Undisclosed Terms
eFluxMedia (press release) - 5 hours ago
Ameriquest was founded by Roland Arnall, now the United States ambassador to the Netherlands. President Bush recently spoke in Washington about the troubles in the US economy.
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BlastFromThePast!
Ameriquest
We went to see the Rolling Stones and got gifts,
 but we didn't have fun I think?

California Attorney General Bill Lockyer, left at podium, and Iowa Attorney General Tom Miller, right, are joined by several state attorneys general and lending regulators to announce a $325 million settlement with the parent company of lender Ameriquest Mortgage Co. (Damian Dovarganes/AP Photo)

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Yeah, that's pretty funny.

The congressional make up at the time this happened has changed.

At that time, all you had to do to ruin his chances would have been
to allege some kind of sex scandal.

All this was about was stealing money from borrowers.

Oh, who cares about that?

Not that Congressional make up.

Fraud is fine.  Just don't have sex.  They'd tear you limb from limb.

Dee
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Stones

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Eye's Wide Shut!

Roland Arnall, shafted 49 state Attorneys General. How about that?
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Now that was hilarious.

Of course, I love sarcasm.

Dee
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Eye's Wide Shut!
I was wrong about the AG's getting Screwed, They got PAID x 2 and we got Screwed!

You are right Dee, If it was a sex scandal it would be BIG news, Steal a home and no one cares in less it's them...
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DOES ANYONE KNOW WHAT WILL HAPPEN TO THE PRIVATE LAWSUITS AGAINST AMERIQUEST? ALOT OF THEM HAVE BEEN SENT TO THE CHICAGO COURTS. I DID NOT FILL OUT MY FORM FOR THE CLASSACTION. WE ARE STAYING PRIVATE. DOES THIS MEAN CITI GROUP IS RESPONSIBLE FOR THE PRIVATE LAWSUITS NOW? I KNEW SOMEONE WHO WORKED AT CITI GROUP AND SHE SAID EVERYDAY AN AMBULANCE WAS THERE TO GET SOMEONE, THE STRESS WAS OVERWHELMING, PEOPLE PASSED OUT. WISH I KNEW WHAT WILL HAPPEN NOW.

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We don't know the terms of the sale.

So any answer to your question is just speculation.

You are dealing with 2 well established predators, both with records
and settlements with the FEDS.

While there is nothing wrong with speculating, just don't take it to the bank.

There might be news releases on this subject in the near future.  If everything goes swimmingly for the buyer and seller.  Maybe within a couple of weeks that will disclose the facts of the sale and purchase.

Keep your eyes focused on SEC filings, as Mike suggested.

Dee


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Did Big Lenders Cross The Line?

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