Industry News

Web site created to help distribute $325M Ameriquest settlement

Borrowers eligible for restitution will also receive notices in 2007

A Web site and toll-free telephone number have been created to help consumers who may be entitled to restitution from Ameriquest Mortgage Co. under the terms of a $325 million settlement. The Web site is http://www.ameriquestmultistatesettlement.com/, and the toll-free number is 1-800-420-5875. Ameriquest customers who may be eligible for restitution will receive notices in early 2007. The Web site and toll-free telephone number are part of an effort to assist Ameriquest customers seeking to learn about the settlement and have their questions answered. The Web site provides access to a complete copy of the settlement agreement, information on who may be eligible to receive restitution payments, and answers to frequently asked questions. It also allows visitors to send e-mails to the nationwide settlement administrator. The settlement, announced in January, resolved allegations that Ameriquest and its subsidiaries deceived borrowers, falsified loan documents and pressured appraisers t...