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 closes, Citigroup buys mortgage assets

By Jonathan Stempel
Reuters
Friday, August 31, 2007; 7:33 PM

NEW YORK (Reuters) - Ameriquest Mortgage Co, the largest U.S. subprime lender as recently as 2005, is closing, the latest home loan provider to shut down amid the nation's housing market slump.

Citigroup Inc (C.N), the largest U.S. bank, said on Friday it agreed to buy the wholesale mortgage lending and payment collection assets of Ameriquest's parent, ACC Capital Holdings, for an undisclosed price.

The acquisition includes the right to collect payments on, or service, $45 billion of loans. About 2,000 employees work for that operation. A small amount of other loans and assets were also included.

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Wow - that O is quick...

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Mike Dillon

Mods - feel free to pull this thread. Duplicate story.

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O -

Ooop's sry

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