Appeals Court Finds Ameriquest Omitted Lender Data

Law360, New York (October 17, 2007, 12:00 AM EDT) -- A federal appeals court has sided with two borrowers in separate cases each brought against defunct home lender Ameriquest Mortgage Securities Inc. for allegedly failing to explicitly state loan payment periods in their disclosure statements.

On Wednesday, the U.S. Court of Appeals for the Seventh Circuit reconciled the different rulings that came out of the same district court – upholding one decision that granted summary judgment against Ameriquest and reversing another decision that granted summary judgment for the home lender.

Once a leading subprime lender in...
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