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Keyword: fraudsuit

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  • CA: Report: Ameriquest reaches tentative settlement in fraud suit

    03/15/2005 8:43:05 AM PST · by NormsRevenge · 1 replies · 1,555+ views
    LOS ANGELES (AP) -- Home loan lender Ameriquest Mortgage Co. has agreed to pay as much as $50 million to settle a class-action lawsuit that alleges it cheated thousands of borrowers in four states, including California, a newspaper reported Tuesday. In a related matter, the Orange County-based company also was questioned by attorneys general and regulators in 25 states about its lending practices, including how loan terms are verbally described to borrowers, the Los Angeles Times said. Ameriquest, which lends to people with spotty credit and modest incomes, has been dogged by consumer complaints and lawsuits in about 20 states...