NJ announces Ameriquest settlement |
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Thu, 12 Jul 2007 18:40
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TRENTON, N.J. (AP) - More than 14,000 New Jersey homebuyers who got their mortgages through Ameriquest and its related companies are eligible to share nearly $12 million in restitution, the state Attorney General announced Thursday.Eligible New Jerseyans began receiving letters and claim forms this week. The completed and signed forms must be mailed by Sept. 10 for consumers to receive payback, Attorney General Anne Milgram said.'Eligible New Jersey consumers who borrowed from Ameriquest and were impacted by questionable business practices are now closer to receiving restitution if they are participating in the settlement,' Milgram said.State prosecutors announced a national, $325 million settlement with the lending giant last year that was to give 725,000 borrowers in 49 states a chance at recovering money lost due to what they described as deceptive lending practices. Many of the loans were the result of refinancing, not original mortgages.The agreement was among the largest consumer protection settlements ever reached by a state or the federal government. A $484 million settlement was obtained by a group of states in 2002 from Household Finance Corp.Customers who opt for restitution payments forfeit their right to sue Ameriquest unless their home goes into foreclosure, Milgram noted.Affected borrowers took out loans with Ameriquest, Town and Country Credit Corp. or AMC Mortgage Services (formerly Bedford Home Loans) between Jan. 1, 1999 and Dec. 31, 2005.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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