Millions awarded in Ameriquest predatory lending settlement

[flashl]

$14 million awarded to Michigan borrowers in Ameriquest settlement

More than $14 million in checks are on their way to 18,481 Michigan mortgage loan borrowers as part of a settlement with Ameriquest Mortgage Co.

The checks are part of a $295 million national settlement of a predatory lending lawsuit against the company, said Ken Ross, acting commissioner of Michigan's Office of Financial and Insurance Services.

The Michigan borrowers are among more than 300,000 nationwide who will receive a share of the settlement amount. Total restitution to Michigan residents under the settlement amounts to $14,575,554.

“We caught Ameriquest ripping off thousands of Michigan consumers,” Ross said. “This settlement represents a big win for Michigan consumers.”

Consumers who opted to receive the restitution payments relinquished their right to file lawsuits against Ameriquest related to the loans covered by the settlement. Ross noted, however, that those who participate in the settlement have not given up any claim they may otherwise raise if their home goes into foreclosure.

[flashl]

1. What? No cause for celebration?

:party: :woohoo: :applause:

Nothing?

[uncle ray]

2. i got my check from them two days ago.

i'm not the least bit excited about it.

now i'm not saying i didn't carry any responsibility in the situation, we were young, not so smart, anxious to get into a house. i was in a C4D and HAD to get a mortgate, ameriquest was the only company that would give us one, an ARM with terrible terms at an astronomical interest rate, prepayment penality, etc. we figured, like everybody else, that we'd just refi out of the crappy mortgage in a few years. didn't happen that way, my girlfriend was undiagnosed bipolar, caused us many problems at the time, thus "my" responsibility in the matter. what we really needed was another rejection, someone to tell us to get our finances in better shape, stick to the C4D for another year or two. instead we lost our house, the equity we had in it, not to mention the total insult of finding that the house actually sold for MORE at the foreclosure auction than we had owed on it(or even borrowed in the first place). they profited nicely off of our situation, and even sent me many more solicitations for another mortgage for years after the fact.

it's now 8 or 9 years later, my credit is still terrible, largely because the whole fiasco turned me off of banks, credit cards, etc. i use credit for nothing, but i am completely debt free. i hardly consider the $750 check we got anything to be excited about once it's all said and done. it has cost me tens of thousands.

[flashl]

3. IMO, in the end, class-action lawsuits never makes the injured whole

Hopefully, the lawsuit means, there is one less tapeworm out there.