This Web site provides information about the States’ January 2006 settlement with Ameriquest Mortgage Company (the “Settlement”). On this Web site you will find detailed information about the Settlement and who may be eligible to receive restitution payments, as well as answers to frequently asked questions.
The Settlement resolves an investigation by the Attorneys General and/or banking and finance regulators of every state (except Virginia) and the District of Columbia into claims that Ameriquest and other affiliated companies had engaged in various unlawful mortgage lending practices from January 1, 1999 through December 31, 2005. It includes Ameriquest, ACC Capital Holdings Corp., Town and Country Credit Corp., and AMC Mortgage Services, Inc. (formerly doing business under the name Bedford Home Loans). Together, all of these companies are referred to in this Web site as “Ameriquest.”
The Settlement requires that a $295 million Settlement Fund be established to provide restitution payments to certain Ameriquest borrowers identified by the States. If you’re eligible, you’ll be sent a Notice letter in early 2007 that will tell you the minimum dollar restitution payment you may receive. To accept your payment, you must sign and return, by the deadline indicated in the letter, a Release Form that will be included with your Notice letter.
By signing the Release Form and accepting your restitution payment, you are giving up some important legal rights that you should fully understand. However, you are not giving up any claim or defense you might have in response to a foreclosure. Before making your decision whether to participate in the Settlement and sign the Release Form, you should consult with an attorney, or if you qualify, a legal aid or legal services organization. You should also read the Effect of Signing the Release Form section at the Frequently Asked Questions (“FAQ”) link at the side of this page.
To help you better understand the restitution payment process and decide whether to participate in the Settlement, answers to many frequently asked questions are provided at the FAQ link. To view an answer, just click on the applicable question. If you can’t find the answer to your question, you can call toll-free 1-800-420-5875 and leave a message with your question. Your call will be returned as soon as possible.