Borrowers To Receive $295M From Ameriquest

Law360, New York (July 12, 2007, 12:00 AM EDT) -- Consumers all over the country will soon receive a total of about $295,000,000 from Ameriquest Mortgage Co. as part of a settlement reached in January over the company's alleged predatory lending practices.

Forty-nine state attorneys general and the District of Columbia, led by Iowa Attorney General Tom Miller, began proceedings against Ameriquest in 2005. The California company, which specializes in mortgages for customers who cannot qualify for bank loans, agreed to a settlement on Jan. 23.

According to Robert Brammer, a spokesperson for Miller's office, over...
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