Ameriquest Sued Over Abusive Lending Practices

Law360, New York (May 10, 2007, 12:00 AM EDT) -- Mortgage lender Ameriquest Mortgage Co. has been hit with a flood of lawsuits alleging that the company engaged in predatory lending practices.

The five suits, filed over the past month in state court in Missouri, alleged that Ameriquest lured customers into refinancing loans by promising better interest rates. But the lender failed to tell the borrowers about hidden costs and fees, meaning that if they chose to refinance, the customers owed more than they had before.

The suits accuse Ameriquest of targeting elderly and low-income customers...
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