Ameriquest Mortgage Co. would pay $325 million and change some business practices under an agreement with 33 states to settle allegations of overcharging customers and urging real-estate appraisers to increase property values, the Los Angeles Times reported.
Ameriquest added to the boom in 33 states by encouraging real estate appraisers to increase property values.
"The company would repay $295 million to borrowers and the additional $30 million cost of the investigation, the newspaper said, citing a copy of the settlement proposal it obtained.
Under the terms obtained by the Times, the company would be prohibited from paying workers to increase loan fees and interest rates, and adding penalties for early loan repayments, the newspaper said.
Ameriquest loan agents also would be barred from discussing property appraisals with the people conducting the assessments.
Technorati Tags:
Ameriquest
Ameriquest fine
No comments:
Post a Comment