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|  Posted: Mon Feb 07, 2005 8:21 am Post subject: Ameriquest Proven To Be A Shady Sub Prime Mortgage Lender |  |
| LOS ANGELES, (UPI) -- Ameriquest, the largest sub-prime U.S. lender, has been accused of allegedly fabricating data, forging documents and hiding fees.
The company, touted as an industry model, denies any wrongdoing.
Citing public records, interviews and dozens of consumer lawsuits, the Los Angeles Times said Ameriquest customers filed more complaints with the Federal Trade Commission from 2000 through 2004 than did those of two of its biggest competitors combined.
From 2000 through 2004, the report said, 134 complaints -- including allegations of fraud and unfair business practices -- were registered against Ameriquest with the California Department of Corporations.
A former employee, Mark Bomchill, told the Times Ameriquest ran a "boiler room" operation, wherein workers were pressured relentlessly to make more calls, push more "sub-prime" mortgages -- high-cost loans made to people with spotty credit -- or be fired on the spot.
Bomchill contends the drive to close deals and grab six-figure salaries led many Ameriquest employees astray.
Copyright 2005 by United Press International |
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