Industry News

Ameriquest gave more than $7M to politicians, reports say

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Ameriquest Mortgage Company, already contending with a flurry of lawsuits and investigations, has contributed more than $7 million to California politicians since 2002, the San Francisco Chronicle reported Friday. The giant California subprime mortgage company disclosed earlier this month that it reached a tentative $325 million settlement with 29 states over allegations of deceptive sales practices, and now faces lawsuits nationwide by customers, the Boston Globe reported. Customer lawsuits accuse Ameriquest of charging them excessive fees or changing the agreed terms on refinancing loans, according to media reports. Adding to the company's woes, the Chronicle reported Friday that Ameriquest has contributed more than $7 million to California politicians including Republican Gov. Arnold Schwarzenegger, Democratic Attorney General Bill Lockyer and dozens of other state legislators, members of Congress and political committees. Ameriquest caters to customers described as "subprime,...