Mississippi Attorney General Announces Ameriquest Settlement Check Mailing

December 18, 2007 -- Jackson, MS - Hundreds of Mississippians will be getting a check in the mail, just in time for the holidays. Mississippi Attorney General Jim Hood and Commissioner John S. Allison of the Mississippi Department of Banking and Consumer Finance announced today that claim checks from the $325 million settlement with Ameriquest Mortgage Company, the nation’s largest sub-prime lender, were mailed to eligible borrowers on December 13 and 14 , 2007.

As part of the settlement with Ameriquest, $295 million was allocated for payment of restitution claims to eligible borrowers. Mississippians claimed $952,401.05 of the total settlement, with a check average of $642.21.

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Nationally, only 64.23% of eligible borrowers timely submitted their claims and participated in the settlement. The participation rate for the State of Mississippi was 67.13%. “We thank the press for getting the message out to Mississippians,” said Attorney General Hood. “As a result, Mississippi’s response was higher than the national average.”

“In addition to the refunds to consumers, Ameriquest must also reform its lending practices—hopefully, other companies will make similar changes to ensure that prospective homeowners are treated fairly,” said Commissioner Allison.

The Ameriquest restitution is being distributed by Rust Consulting, Inc. who processed claims through October 10, 2007 after administering a national claims process. This check distribution marks another step in the settlement reached earlier this year between Ameriquest, forty nine states, the District of Columbia and their respective banking regulators.

Eligible borrowers who timely submitted claims should allow five to seven days for receipt of their claim checks. Those who do not receive their checks within such time, should contact Rust Consulting, Inc. at 800-420-5875.

Source: Mississippi Attorney General