(Phoenix, Ariz. – Oct. 3, 2006) Attorney General Terry Goddard today announced that a Web site has been established for consumers affected by the Ameriquest multi-state settlement. A toll-free number has also been set up for consumers without Internet access.
In January, Ameriquest Mortgage Company agreed to pay $325 million to consumers and states and make sweeping reforms of practices the states said amounted to predatory lending.
The Web site will provide consumers with information to determine if they are eligible for restitution and other information regarding the settlement process. The site is operated by Rust Consulting, the settlement administrator.
Consumers should visit ameriquestmultistatesettlement.com to learn more about the Ameriquest settlement process. The toll free number is 1-800-420-5875.
The $325 million payment is the second-largest state or federal consumer protection settlement in history. The only one larger was the $484 million predatory lending agreement reached in 2002 between most states (including Arizona) and Household Finance Corporation.
The settlement affects 725,037 loans made by Ameriquest between Jan. 1, 1999, and Dec. 31, 2005. The company made 14,180 loans in Arizona during the six-year period. Arizona consumers who obtained Ameriquest loans are expected to receive a total of more than $5 million in compensation.