Monday, January 23, 2006
The Wall Street Journal reports here that Ameriquest Mortgage Co reached a settlement with State Attorney Generals in which the company will "pay $325 million and change some of its practices." The Ameriquest website here notes that:
"Ameriquest will implement a series of measures to enhance the company’s business practices while continuing to help consumers meet their mortgage financing needs.
The company acknowledged no wrongdoing and there are no restrictions or limitations on the company’s licenses."
The agreement calls for detailed changes such as "[u]sing third-party closing agents to help prevent conflicts of interest."