|
LOS ANGELES (AP) - The parent of Ameriquest Mortgage Co. will pay up to $50 million in restitution for California borrowers as part of a settlement brokered with state attorneys general over claims of deceptive lending practices, a prosecutor said Tuesday.
Some 725,000 borrowers in 49 states will be eligible to recover part of their losses through the $325 million settlement agreement.
"California is getting by far the largest share," said Tom Papageorge, a deputy district attorney in Los Angeles County. "We had about 22 percent of all Ameriquest loans by volume of dollars."
|