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towanda10
Joined: 28 Jan 2005
Posts: 22
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| Posted: Tue Feb 08, 2005 2:33 pm Post subject: Predatory lending exemplified!!! |
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Bad day for Ameriquest in LA Times
Quote: Critics say Ameriquest, touted as an industry model, fabricated data, forged documents and hid fees. The company denies wrongdoing. Mark Bomchill says he'd like to forget the year he spent hustling mortgages for Ameriquest Capital Corp. in suburban Minneapolis.
Slugging down Red Bull caffeine drinks, sales agents would work the phones hour after hour, he said, trying to turn cold calls into lucrative "sub-prime" mortgages — high-cost loans made to people with spotty credit.
Read more:
http://www.latimes.com/news/printedition/la-fi-ameriquest4feb04,1,6250465.story
A must read, especially for those who are unsure what 'predatory lending' is REALLY about! :roll: |
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David
Joined: 19 May 2004
Posts: 754
Location: Atlanta, GA
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| Posted: Tue Feb 08, 2005 4:01 pm Post subject: |
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| Yes, that is what I was looking for earlier. These are the people that give the Mortgage Industry a bad name. When you find out about something that seems a little "shifty", what is the best way to notify the authorities? |
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David
Joined: 19 May 2004
Posts: 754
Location: Atlanta, GA
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| Posted: Tue Feb 08, 2005 4:21 pm Post subject: |
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Here is an interesting quote from the article:
Quote: Ameriquest customers filed more complaints with the Federal Trade Commission from 2000 through 2004 than did those of two of its biggest competitors combined, the agency said — 466 compared with 101 for Full Spectrum Lending (Calabasas-based Countrywide Financial Corp.'s sub-prime unit) and 51 for Irvine-based New Century Financial Corp.
Do we know anything about Full Spectrum Lending on New Century Financial Corp?
Is there a good way to check a company's track record with the Federal Trade Commision? |
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