January 27, 2006

Ameriquest - the Enron of the bubble?


Who is the Enron? Toll Brothers? NAR? Greenspan?

Here's a vote for Ameriquest:


Disclosing the details of a $325 million settlement between Ameriquest Mortgage Co. and 49 states, Massachusetts Attorney General Thomas F. Reilly advised consumers to avoid doing business with the California mortgage company.

Reilly, who is running for governor, said Ameriquest's unfair lending practices have persisted despite several regulatory actions against the company during the past decade. The current settlement, if approved by the courts, would be the fourth agreement that Ameriquest has entered into since 1996 over its lending practices.

''This is a very bad company engaged in despicable practices," by failing to disclose it was extracting high fees from customers' home equity when it refinanced their home loans, Reilly said at a press conference yesterday.

''They have been doing it a long, long time," he said. ''I would personally have nothing to do with this company."

21 comments:

foobeca said...

Is that a photoshopped picture?

I wouldn't say that Ameriquest is the Enron of the bubble. What about Countrywide?

xSparta said...

I guess the church was financed by AMERIQUEST and they are pissed!

ECOBUILDER said...

Ho, ho, ho ......
It's just started, guys.

Homebuilders use different incentives to sell their houses:

(money.cnn.com/2006/01/26/
real_estate/giving_it_all_away/index.htm

* paying the heating bills for six months to anyone who buys a home;

* trips to Las Vegas, home- entertainment and security packages, furniture store gift certificates, golf club passes for a year -- even swimming pools.

* Granite countertops, commercial quality appliances, and wine storage all appeal to buyers. A relatively new option, bamboo floors, has recently emerged as a deal maker.

* Lexus (for two years) with the sale of an existing home.

* giving away jewelry.

* giving away a two-year lease on a Volkswagen Beetle.

* free-gas fireplace, hardwood floors, upgraded cabinets, and a washer/dryer -- and a 42" plasma TV.

Let's help them, folks !!!!

Propose your incentive !!!

How about "Buy now and dont pay until 2007"?

Arioch said...

How about prepaid credit counceling vouchers for when their exotic mystery meat mortgage adjusts?

Riskbabe said...

"I wouldn't say that Ameriquest is the Enron of the bubble. What about Countrywide?"


Argent is the Enron of the Bubble.

Anonymous said...

to foobeca & xsparta: the sign itself has a clue to its origin.

(This is the find of the week BTW, I already mailed a few off to some friends. LOL!)

I believe Countrywide generates the most number of sub-prime loans but they generate a lot that aren't, so they aren't Pure Evil in the same sense that Enron was. The story last week about appraisals being inflated across the board would be more in the Enron spirit.

Tough for me to pick a poster-child company that would be head and shoulders above its peers to represent the same combination of chicanery and take-every-last-cent greed that Enron embodied, even considering inflated appraisals. After all, somebody still has a house when it's all said and done.

There will be a lot of companies with blood on their hands by the time the Congressional hearings have come and gone -- a decade from now -- but the local nature of real estate seems to me to make it tough to be able to single out a single national company.

Alan Greenspan is of course to blame (or praise, if you sold in 2005) for the bubble, but he did it more out of a desperate effort to save his reputation (by delaying the inevitable until he was out of town) rather than out of a desire to enrich himself financially.

Anonymous said...

Hey ecobuilder,

It looks like someone liked your idea...

"Let's help them, folks !!!!

Propose your incentive !!!

How about "Buy now and dont pay until 2007"?"


http://www.ryland.com/promotions/default.aspx?PromotionID=325

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Anonymous said...

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