Here's the summary: Attorneys have asked a federal court judge to amend a complaint against Ameriquest Mortgage Co. to include the company's founder Roland Arnall. The lawsuit, which is seeking class action status, alleges Arnall and Ameriquest scammed subprime borrowers into taking on loans and fees they could not afford. Formerly a leader in the industry, Ameriquest has virtually abandoned it subprime lending business amid rising interest rates and broadening competition.
Here's the article: http://www.latimes.com/business/la-fi-arnall19jun19,1,2815730.story?coll=la-headlines-business&ctrack=2&cset=true
And here's the WOW factor (old news...but still amazes me): "...the sub-prime lender agreed to pay $325 million to settle allegations by 49 states of misrepresented loan terms, hidden fees, puffed-up appraisals and fabricated borrower income statements..."
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