Ameriquest Parallels Household International
August 3, 2005 - According to MortgageDaily.com, Ameriquest’s parent company, ACC Capital Holdings Corp., is the nation’s largest subprime lender, based on $82.7 billion in mortgage volume in 2004, including $3 billion in Massachusetts. Subprime loans are for people with credit scores too low for them to qualify for a traditional mortgage.
The litigation parallels charges being brought by Massachusetts Attorney General Thomas F. Reilly and officials in 29 other states. Investigators found Ameriquest in violation of state lending and consumer laws, used ‘’bait and switch” tactics in often unsolicited phone calls to potential customers, did not disclose steep penalties charged for paying loans off early, and falsified borrowers’ incomes to ensure they would qualify for the loan, said officials briefed on the multistate investigation.
“This looks a lot like the Household International multi-state issues from 2002 which earned HSBC and Household International the title of disgraced predatory lender” said advocates at Household - HSBC Watch.
Thinking of making a debt settlement offer? See common settlement scams and rip-offs first
Call somebody about this, anywhere in the world, for FREE
[…] million to settle allegations that it had defrauded borrowers in four states. Here is an article on Ameriquest fraud, and this is an article about Am […]