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Ameriquest closes, Citigroup buys mortgage assets
By Jonathan Stempel
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.