At first I though this would be funny, but it actually made me sick to my stomach. AmeriQuest was one of the most notorious subprime mortgage lenders (read about it here). In the Report of the Financial Crisis Inquiry Commission (here), AmeriQuest was described by Lisa Madigan, the attorney general of Illinois as:
"...engaged in the kinds of fraudulent practices that other predatory lenders subsequently emulated on a wide scale: inflating home appraisals; increasing the interest rates on borrowers' loans or switching their loans from fixed to adjustable interest rates at closing; and promising borrowers that they could refinance their costly loans into loans with better terms in just a few months or a year, even when borrowers had no equity to absorb another refinance."
No comments:
Post a Comment