Ameriquest To Pay $325M Over Fraud Charges

Law360, New York (January 23, 2006, 12:00 AM EST) -- Ameriquest Mortgage Co., the largest privately held mortgage firm in the United States, has agreed to pay $325 million to settle one of the most widespread cases of predatory lending in the country’s history.

The deal was reached by a task force of 49 state attorneys generals and the District of Columbia, which began eyeing Ameriquest parent company ACC Capital Holdings in early 2005, as complaints from borrowers piled up.

California-based Ameriquest, which specializes in mortgages to borrowers who are unable to qualify for bank loans,...
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