Andrew Coumo in the News.another lender

[Carnivore]

Mr Andrew Coumo apprently has won another battle. It may be a small one, but none the less it sends a message to all the others that are in his sights.

Posted under Fair Use

http://www.dsnews.com/view_story.cfm?id=1890

Ameriquest Pays Out $18 Million to NY Borrowers
Kerri Panchuk | 12.27.07
Lender Ameriquest Mortgage Co. has paid out $18 million in restitution to New York borrowers in an effort to settle with the New York Attorney General's Office over allegations that the lender engaged borrowers using unethical lending practices.

In a press statement, The New York Attorney General's office said checks would be mailed to 13,686 New Yorkers—all of whom are eligible based on information included in their loan profiles.

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There will be many more. Wait till all the other State AG's figure out they can get cash for there states!!!

 

[Rrebera]

I wonder what it cost the consumer with their out of pocket expenses? The settlement across the country was nothing compared to the loss of each homeowner and in most markets the homes are over and above market value. Many homeowners are still paying on the overvalued homes and in Ohio many owners will never see light, they will be upside down for decades.

The settlement should of been made to pay off the mortgages that the predator made for the home owner and then they should of tapped into their savings, pensions and other funds that the good old folks from Ameriquest had built up.

I am happy that they received some money, but when you divide up the settlement to the thousands of homeowners that received the money, ity was hardly anything.

The laws need to be changed or enforced to the point that we take the assets from these predator's and keep making them pay like law enforcement does to drug dealers where the homes, cars, jewlery, etc., etc., etc., are taken and sold, with the proceeds in many cases going back to the victims.

 

[rcsone]

........a part of beginning enforcement?........appeal to deserved punishments more effective in term than one to morality........rs

 

[Restrain]

I didn't know Ameriquest even had any assets left after it shut down.

 

[Brad Ellis]

Carnivore,

This is interesting as NY seems to be taking credit for what was a complete multi-state action by a large group of AGs; it was not NY that made this happen.

I met the former AG who heads the workout portion of this program and he was quite involved from the start in the original lawsuit. He is not from NY. He is charged with making sure that the firm (now defunct) toed the line according to the court orders. I presume that funds were set aside for the settlement and the setlement is, I think, over 2 years old now.

Brad

 

[Mike Kennedy]

"The New York Attorney General’s office, along with Attorneys General from Iowa, California, Illinois, and Washington, and the New York Banking Department led the multistate investigation of Ameriquest."

http://www.oag.state.ny.us/press/2007/dec/dec24a_07.html

 

[Carnivore]

Carnivore,

This is interesting as NY seems to be taking credit for what was a complete multi-state action by a large group of AGs; it was not NY that made this happen.

Brad

Brad,

The NY AG is telling everyone via the reporter that NY did indeed get there share of the actual settlement money for the citizens of NY!

So often we hear about settlements and lawsuits. It is rare when reporters follow up months if not years later on the original story.

 

[Brad Ellis]

Carney,

Here is how you started the string:

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Mr Andrew Coumo apprently has won another battle. It may be a small one, but none the less it sends a message to all the others that are in his sights

Well, of course they got their share of the money (note- the settlement was much much larger than that). BUT- it had nothing- nada- to do with Cuomo.

If memory serves the suit was started by NY- only it was not Cuomo- it was Spitzer (hence his chiming in). And it was not just for NY as many AGs joined them and it was a joint suit.

So, it is not about whetehr they got the money- it is about your attribution to Cuomo- and that part is just wrong. And the lead counsel in the suit was not from NY and the guy in charge is not from NY.

Brad

 

[Rrebera]

Ameriquest/Long Beach Mortgage

Since we have mentioned Ameriquest, I see that Long Beach Mortgage is operating in Ohio and elsewhere. Does anyone know if this is the old Long Beach that became Ameriquest? What ever happened to Argent? There were a bi-product of Ameriquest.

 

[Carnivore]

Brad,

Why is it necesary for you to split hairs on this. The press release was from the NY State AG office. They got the money. Coumo is the current AG.

Sometimes they dont get the money!

I can understand why a lender or lender rep would want to diminish Mr Cuomos's credibility considering the current state of affairs in the mortgage industry.