What did the Settlement require Ameriquest to do?
The Settlement required the establishment of a $295 million dollar Settlement Fund to provide restitution payments to certain borrowers identified by the States. The Settlement Fund was Distributed to eligible borrowers who obtained mortgage or home equity loans directly from Ameriquest, Town and Country Credit, or Bedford Home Loans during the period from January 1, 1999 through December 31, 2005. Borrowers eligible for a restitution payment were notified by mailed Notice in July 2007. Ameriquest has also agreed to significantly change many of its lending practices, and give borrowers complete and true information about interest rates, Discount points, prepayment penalties, and other refinancing terms. You can see all of the Settlement requirements by clicking here to read Section IV of the Settlement Agreement.
