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’s Markets and Banking Division that gave ACC working capital and made Citigroup the company’s primary warehouse lender. The deal gave Citigroup the option to acquire ACH’s wholesale mortgage origination and servicing platforms if certain business milestones were achieved.

The following month, ACC closed operations centers in five states, including retail call centers in Connecticut, Arizona, Sacramento, Calif., and Schaumberg, Ill.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Inman Connect is LIVE next week! Join us and thousands of your peers from wherever you are.Register Today×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription