Industry News

Ameriquest is history as ACC sells off remaining assets

Citigroup buys servicing rights to $45 billion in loans
Published on Sep 5, 2007

Ameriquest Mortgage Co. is closing its doors as parent company ACC Capital Holdings completes the sale of its remaining mortgage assets and servicing business to Citigroup Inc. Citigroup is buying ACC's wholesale mortgage origination and servicing assets, including the servicing rights for $45 billion worth of loans, the Associated Press reports. Ameriquest is not part of the deal, and stopped taking loan applications on Aug. 1, AP said, citing a statement from ACC. According to the Los Angles Times, Ameriquest and its sister company, Argent Mortgage, were collectively the nation's largest subprime lender in 2005. The Times reported that Citigroup will retain most of ACC's 2,000 employees remaining employees, down from 16,000 at the company's peak. ACC closed all 229 retail branch offices of Ameriquest and Town & Country Credit in May 2006 as part of a plan to consolidate its retail mortgage lending operations. In February, ACC announced an agreement with Citigroup'...

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