An NPR report this morning details just exactly how Ameriquest would screw people over in the days of the housing bubble — concealing rates, straight-up fraud, you name it. If you’re wondering how people could afford houses that would seem to be beyond their means … White-Out. One old employee felt like “one of the Enron guys.”
It really makes you wonder how much a company that does such utterly rotten stuff can be “reformed”. I mean, wasn’t being rotten its very raison d’etre? Ameriquest has since agreed to be monitored by regulators, even down to listening in on phone calls. But the class-action lawsuit is going forward, so they’re not off the hook.
I don’t know enough to question Deval Patrick’s role, since he came to the company after the lawsuits started. Patrick no doubt performed the same valuable two-fold service for Ameriquest as with the ethically-challenged Coke and Texaco: a.) actual reform, and b.) window-dressing. I just hope that it was mostly a.)
because it just didn’t smell right. Boy am I glad I didn’t.
Casme to their aid after the cat was out of the bag. Makes one wonder. When you screw “the other guy”, it’s one thing, but when you screw your own “people” that’s something else again. After I found out about Patrick’s participation/employment with Ameriquest, I found him to be unworthy of being the governor.
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Ameriquest is beyond dishonest. They make you want to go and take a shower after reading about them.
Made a career in the “private sector” as Jesse Jackson’s “fixer”. Texaco, Coca Cola, and Ameriquest are all documented examples of this..
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Documentation of Deval Patricks resignation and Jesse Jackson’s indignation here.
goes to a teaser, and when i clicked to read the archived remainder of the story, got a “no story found” notice.
You need to pay to see the article.
There is a free downloadable book at http://www.useful-in… on getting back at Ameriquest while protecting your home and your credit. It really helped a friend of mine who was an Ameriquest borrower.