Ameriquest is dead and gone
Consumerist commemorates the fall of Ameriquest, one of the scummiest subprime lenders with this apropos graphic:
Also from the Consumerist article:
Ameriquest, the lender the epitomized everything that was f*cked up about the subprime mortgage meltdown, is dead.
The lender stopped taking loan applications Aug 1st and its assets (including $45 billion of loans) were sold to Citigroup late last month.
3 Comments on “Ameriquest is dead and gone”
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Statribune.com features a map with all Metro area foreclosures. (http://www.startribune.com/projects/foreclosures/).The sea of red engulfing North Minneapolis gut wrenching. It’s too bad they don’t list the lenders for each foreclosed property..
Sorry for the double post but another great resource, if you don’t already know of it, is the “implode-o-meter” at http://ml-implode.com/ . According to the site 156 major lenders have imploded since 2006.
We definitely need to create a stronger regulatory framework. Currently there are too many brokers who aren’t subject to any real form of regulation. I personally prefer a more principles based approach. Regulators must have the ability to take a more proactive approach. Licensing and standardized consumer disclosures are a good place to start. Reacting to crises after they happen isn’t good policy.
Thanks. I’ve featured both of those on here previously, but they are great links.