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.)