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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Thousands Of Washington Residents To Receive Ameriquest Checks Next Week

December 14, 2007 -- OLYMPIA – December will be a bit more rewarding for 8,750 Washington residents. They’ll receive checks this month totaling nearly $9.9 million as part of a national settlement with former subprime lending giant Ameriquest.

Washington Attorney General Rob McKenna and Scott Jarvis, director of the Department of Financial Institutions (DFI), announced today that the checks are in the mail from the settlement administrator and should arrive at homes within a week. Consumers will receive payments as little as $47 to as much as $7,950, depending on when they applied for a loan and individual circumstances. The average check is $1,130.

The money comes from last year’s $325 million national settlement, in which states alleged widespread fraud by Ameriquest as part of a high-pressure scheme to sell mortgages that trapped consumers into debt and put them at risk of losing their homes.

“We’re glad to be able to put money back into the pockets of families whose American dream of homeownership became a nightmare,” McKenna said. “The Ameriquest settlement continues to serve as a serious warning to the subprime mortgage industry that we won’t tolerate predatory lending.”

The Ameriquest settlement ranks as the second-largest government consumer protection settlement in history. The states alleged that Ameriquest deceived consumers, inflated home appraisals, and fabricated employment and income information in order to make the largest possible profit. Consumers were tied into loan balances significantly higher than the true value of their homes, which ultimately blocked them from refinancing with other lenders or selling without taking a substantial loss.

“Many Ameriquest victims were already homeowners who thought they’d save money by refinancing but instead were trapped into mortgages they couldn’t repay,” McKenna said.

“DFI continues in its efforts to educate and protect Washington consumers so they are less likely to become victims of predatory lending practices,” Jarvis said. “If and when consumers do fall victim to unethical and/or illegal practices, we are here to ensure perpetrators are held accountable. This settlement is just one example of our commitment to helping Washington families and carrying out the DFI mission of protecting the public, promoting economic vitality and preserving integrity in the marketplace.”

Nationwide, 64 percent of the borrowers who were eligible for restitution agreed to participate in the settlement by filling out refund request forms prior to the Sept. 10 deadline. Washington’s participation was slightly higher. A little more than 70 percent of the 12,369 Washington residents who were eligible for restitution will receive checks – and they will receive larger payments than borrowers in other states.

The payments are higher because Washington received more money for legal costs as a result of its leadership role in the investigation and settlement negotiations. The Attorney General’s Office and DFI agreed to add more than $2 million of those funds to the restitution pool in order to provide larger payments to consumers.

Among other things, the states’ settlement required Ameriquest to provide full disclosure regarding interest rates, discount points, prepayment penalties, and other loan or refinancing terms. The company must also ensure that every loan benefited borrowers, not only Ameriquest and its commissioned employees.

ACC Capital Holdings, Ameriquest’s parent company, announced on Aug. 31, 2007, that it was closing Ameriquest, no longer taking retail loan applications. At the same time, it sold Argent, its wholesale loan servicing unit, to Citigroup.
Washington agencies are now turning their attention to dealing with an anticipated increase in foreclosures as borrowers with adjustable rate mortgages see significant increases in their loan payments amid declining property values. Among their efforts:

* In July, DFI announced it would adopt a statement of regulatory guidance standards on subprime lending in an effort to more effectively protect Washington consumers.
* DFI conducted a statewide, bilingual advertising campaign in an effort to inform Washington homeowners of the need to understand their mortgage requirements and to work with lenders to avoid foreclosure.
* The Attorney General’s Office is requesting legislation this session to reduce foreclosure rescue schemes that include an option to buy or lease back the property. In this time of rising mortgage rates, desperate homeowners have been lured by offers of assistance – only to be cheated out of equity they’ve built up and tricked into transferring ownership of their home. This important bill would require a written contract with clearly disclosed terms be completed by the homeowner and the purchaser prior to the property’s transfer. It would also require that the homeowner must receive at least 82 percent of the difference between the property’s fair market value and the underlying mortgage in the event of a sale to a third party.
* In June, the Attorney General’s Office convened a think tank with the Washington Bar and Northwest Justice Project to look at issues around mortgage problems and fraud. The think tank brought together representatives from government agencies and nonprofit organizations, private attorneys and industry professionals. From this, organizers formed work groups to further explore ways to reduce the rate of foreclosure in Washington, help consumers who face the loss of their homes and crack down on fraud.
* In September, Governor Chris Gregoire formed a Task Force for Homeowner Security. The group is evaluating instability in the national subprime mortgage market and will soon make recommendations to minimize the impact of this national trend in Washington. Jarvis is a member of the task force and the Attorney General’s Office supports the task force’s work.
* DFI continues to offer consumer education to ensure Washington residents understand their rights and make informed decisions about home loans. The agency offers consumers a Guide to Home Loans online, in booklet format and on CD-ROM. To order a booklet or CD, call (360) 902-8700 or (877) 746-4334.

CONSUMER INFORMATION: Detailed information about the Ameriquest settlement and restitution is available at http://www.ameriquestmultistatesettlement.com. Consumers also may contact the settlement administrator at 1-800-420-5875. (Hearing-impaired persons may call 866-494-8274.)

Source: Washington Attorney General


http://www.allamericanpatriots.com/48739258_thousands-washington-residents-receive-ameriquest-checks-next-week
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I’d say that putting “$47 to as much as $7,950 back into the pockets of families whose American dream of homeownership became a nightmare” is a real swell deal, don’t you think?  In some cases loose your home and get an average of $1,130, can’t beat that, now can you.

 

And to think I, and millions of others, missed out on the deal.

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I know when I read it I couldn't belive it.it a shame.Smurf

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srsd

And yet they say no money is made off from foreclosures.....look at all the money they stole from people making payments and all of the houses that they can sell after they foreclosed....

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Godd.............

what are people suppose to do with this little money , they lost their houses , or in the process . this little money will never bring back any salvation .

HERE :  let me slap you in the face , maybe you will wake up . ........
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Godd.........
“Many Ameriquest victims were already homeowners who thought they’d save money by refinancing but instead were trapped into mortgages they couldn’t repay,” McKenna said.

here , here  , bend me over why don't you , I like it in the a--  !
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Stephen

Bush is protecting Arnall.  Just wait til Bush leaves office.  The Fed. will tear him apart limb by limb.

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~beenawhile
Heya Stephen,

Don't take this the wrong way. I'm not against you. Just curious, & would love to know what you are saying is truth & not specualtion.

Do you know they will or you are just hoping/assuming?

Here's to hoping you've got the know!
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Michigan Attorney General Cox Fights Predatory Lending Practices

Tagged:  •    •    •    •  

December 19, 2007 -- LANSING - Michigan Attorney General Mike Cox today announced that more than 18,400 consumers are to receive a check as the result of a nationwide settlement with Ameriquest Mortgage Company. Cox, together with the attorneys general of 49 states and the District of Columbia, sued Ameriquest Mortgage Company for their predatory lending practices.

"We negotiated a strong settlement and are pleased to see money flowing back to Michigan borrowers who were harmed by the company's lending practices," said Cox. "I will not tolerate predatory lending practices in Michigan. Any consumer who is a victim of predatory lending schemes should contact my office immediately."

"We caught Ameriquest ripping off thousands of Michigan consumers," said Acting Commissioner Ross of the Office of Financial Insurance and Services. "This settlement represents a big win for Michigan consumers."

Consumers can call the Attorney General's Office toll-free at 877-765-8388 or the Office of Financial and Insurance and Services toll-free at 877-999-6442.

Under the settlement, 27,858 Michigan borrowers who were customers of Ameriquest Mortgage Company, Town and Country Credit Corporation, and AMC Mortgage Services, Inc. (formerly known as Bedford Home Loans) between January 1, 1999, and December 31, 2005, were eligible to receive the restitution payments.

Each borrower that is part of the Michigan settlement will receive a portion of $14,575,554 in restitution from Ameriquest Mortgage Company and its related companies.

Cox has made the mortgage foreclosure issue facing Michigan a priority for his office. On December 13, Cox held the nations largest foreclosure forum for homeowners at Cobo Hall in Detroit. The "Avoid Foreclosure Forum - Tools and Tips to Save Your Home," brought out 23 of the nations largest lenders, 31 independent loan counselors and offered free seminars every 45 minutes to help homeowners avoid foreclosure. More than 4,200 homeowners attended the forum with some receiving help and adjustments to their mortgages onsite.

"Michigan has always been a great place to experience the American dream of homeownership," Cox said, "I will not stand by and allow the acts of unscrupulous lenders to tarnish this great State's image. My office will continue to enforce the laws that protect Michigan homeowners and help inform them of ways to avoid foreclosure."

Consumers who are part of the settlement and have questions about the payment procedures may go to the Settlement Administrator's website: http://www.ameriquestmultistatesettlement.com/ . Consumers also may contact the Settlement Administrator, toll free, at 800-420-5875 (hearing-impaired persons may call 866-494-8274).

Nationwide more than 481,000 borrowers who were customers of Ameriquest Mortgage Company, and its related companies were eligible to receive the restitution payments. Restitution payments nationwide are expected to total more than $300 million.

Source: Michigan Attorney General


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WOW !!!!!!!!!!!!!
Hey Michigan attorney General ,


       that amounts to $ 523 . 20 

we know that you are so full of sh_t when you personally made the settlement for us MICHIGAN victims  , wow you did that all by your self.

I think you need to go back to kindergarden school , and start the learning process all over again.

many of us lost more then the $ 523.20  figure .  How much did you skim from the top figure , that goes in your pocket  ?????  come on tell us  !  you repugnant PIG  !  

YOU NEED THE MONEY MORE THEN i DO ,  YOU JERK !
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if you dig
if you dig hard enough I'm sure you can find out how much the repugnnat pig made off of the deal.

the question is what could you or would you do with that information?
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O -

If I'm remembering right it's a 25 MILLION SPLIT? No Banana's...

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Ed Cage
WOW!! wrote:
"Hey Michigan attorney General , 

       that amounts to $ 523 . 20 

we know that you are so full of sh_t when you personally made the settlement

for us MICHIGAN victims  , wow you did that all by your self.  I think you need
to go back to kindergarden school , and start the learning process all over
again. many of us lost more then the $ 523.20  figure .  How much did you
skim from the top figure , that goes in your pocket  ?????  come on tell us  ! 
you repugnant PIG  !  
YOU NEED THE MONEY MORE THEN i DO ,  YOU JERK !"

 
Dear WOW!!!!
You have just made a very strong case as to why this MSF forum is long
overdue for methods restricting posters to one name or alias.

Ed Cage  /  ecagetx@tx.rr.com  /  972-596-4363

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