Utahns Receive $1.8 Million From Ameriquest Mortgage Settlement

December 13, 2007 -- Utah Attorney General Mark Shurtleff and Francine A. Giani, Executive Director of the Department of Commerce, announced today that 1,770 Utah consumers will soon be getting refund checks from a national settlement agreement with Ameriquest Mortgage.

"This has been a long battle to make sure Ameriquest borrowers get some restitution. The fight has been worth it since so many Utah consumers were able to participate in a sizeable settlement at a time when other mortgage lenders were filing for bankruptcy," says Attorney General Mark Shurtleff.

The money is now being distributed to eligible Ameriquest customers who obtained certain mortgages from January 1, 1999 to December 31, 2005. Checks totaling $1,883,911 will be distributed to 1,770 Utah borrowers. The largest Utah check is $5,222, the smallest is $353 and the average Utah check is $1,064.

“The sub prime mortgage collapse destroyed many families’ dreams of owning a home,” says Francine A. Giani, Executive Director of the Department of Commerce. “We are grateful to the group effort that successfully brought this settlement to Utah and are pleased to see so many Utah consumers receive some restitution.”

Law enforcement officials and state regulators initiated the investigation after receiving complaints from Ameriquest customers. The investigation uncovered allegations against Ameriquest of: misrepresenting or failing to adequately disclose the terms of home loans, such as whether the loan carried a fixed or adjustable rate, and improperly inflating appraisals to qualify borrowers for loans. Assistant Attorneys General Blaine Ferguson and Perri Babalis represented Utah in the Ameriquest settlement.

For questions regarding the Ameriquest settlement, visit the settlement administrator’s web site: www.ameriquestmultistatesettlement.com. Consumers can also contact the settlement administrator by phone at 800-420-5875, Monday-Friday from 8:00 a.m. to 7:00 p.m. Central Time. (Hearing-impaired persons may call 866-494-8274.)

Source: Utah Attorney General