Ameriquest's Giant Payout
Jan. 25, 2006 — -- On Monday lending giant Ameriquest and 49 states reached one of the largest consumer-protection settlements in history.
Ameriquest, which is the country's No. 1 provider of mortgage loans to people with bad or impaired credit, has admitted no wrongdoing but agreed to pay $325 million to a settlement fund.
Mary Overton's American dream was truly a gift, a four-story Brooklyn brownstone she bought from her landlord in 1983 for about $15,000.
"He told me I could pay $299.11 a month rent, and then in four years I had it paid for," Overton said.
But she remains in danger of losing her home because of an Ameriquest mortgage she took out last year to finance home repairs.
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