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Californians to Get $50 Million Slice of Ameriquest Settlement
Alex Veiga, The Associated Press
Published: March 22, 2006 09:51
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Excerpt: {magazine_leadin}LOS ANGELES—The parent of Ameriquest Mortgage Co. will pay up to $50 million in restitution for California borrowers as part of a settlement brokered with state attorneys general over claims of deceptive lending practices, a prosecutor said Tuesday. Some 725,000 borrowers in 49 states will be eligible to recover part of their losses through the $325 million settlement agreement. “California is getting by far the largest share,” said Tom Papageorge, a deputy district attorney in Los Angeles…
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