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Ameriquest Settles Predatory Lending Class Action

Class members should receive class notices regarding a recent settlement involving Ameriquest.  The class representatives from 29 class action lawsuits alleged Ameriquest engaged in predatory lending.practices.  The class definitions include claims against Ameriquest and others for: upfront charges; interest rates that were higher than promised; and loans with variable interest rates when fixed rates were promised to purchasers.

Many of the mortgages were sold to consumers by Argent Mortgage Co., AMC Mortgage Services, Inc., Bedford Home Loans, Inc., Town and Country Credit Corp., Olympus Mortgage Co., and Ameriquest Mortgage. 

Click HERE to visit the Ameriquest MDL Web site for more information.

According to the LA Times, Plaintiffs have until February 22, 2010, to opt-out of the class action and pursue individual claims against Ameriquest.