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« Ex-FBI agent gets 2 1/2 years for assault on marshal | Today | Somerset male, 17, accused of counterfeiting cash » July 12, 2007Some RI'ers eligible for Ameriquest settlement moneyMore than 1,000 Rhode Island consumers are eligible for restitution payments from the settlement of a predatory lending lawsuit against Ameriquest Mortgage Company and related companies, Attorney General Patrick C. Lynch announced today. The available restitution for Rhode Island totals more than $3 million, according to a news release. Lynch's office and the state Department of Business Regulation have authorized that letters and claim forms be sent to eligible consumers this week. The settlement resolves allegations by attorneys general and banking and finance regulators of 49 states and the District of Columbia that Ameriquest and its affiliates, among other things, misrepresented and did not adequately disclose the terms of home loans To receive restitution, consumers must mail completed and signed forms to the settlement administrator by Sept. 10. The forms going out to each consumer will indicate the minimum payment the consumer can expect to get. The precise amount could be larger, depending on how many eligible Rhode Islanders choose to participate in the settlement, according to Lynch's office. For more information, Lynch's office said, go to www.ameriquestmultistatesettlement.com. Consumers also may call the settlement administrator at (800) 420-5875.For hearing-impaired individuals, call (866) 494-8274. -- projo.com staff writer Michael P. McKinney "I encourage all wronged consumers in our state who are part of this sweeping settlement agreement to carefully review the claim forms and accompanying information," Lynch said in the statement. "Those who choose to participate should reply as soon as possible, keeping in mind that the deadline is less than two months away." Consumers who decide to received restitution payments give up their rights to file lawsuits against Ameriquest related to the loans covered by the settlement. Therefore, Lynch's office encouraged consumers to consult with a private attorney or, if they qualify, with a legal services attorney before deciding whether to participate in the settlement. Consumers who participate in the settlement do not give up any claim that might be raised if their homes go into foreclosure, Lynch said. Under the settlement, more than 481,000 borrowers who were customers of Ameriquest Mortgage Company, Town and Country Credit Corporation, and AMC Mortgage Services Inc. (formerly known as Bedford Home Loans) between Jan. 1, 1999, and Dec. 31, 2005, are eligible for restitution.
Posted by Mike McKinney CommentsRichard | September 2, 2007 1:34 PM link Post a commentPlease be civil. Vicious comments, personal attacks and profanity won't be published. Name and email are required; email address will not publish. |
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ProJo 9 to 5 News Blog
Oct 2005 - March 2006
When I expect to recieve my restitution payment from the ameriquestmultistatesettlement