Borrowers Disappointed With Settlement

Local attorneys and a former assistant attorney general think that the Ameriquest settlement is less than what consumers deserve. If homeowners decide to take the agreement, they sign a release stating that they will not sue Ameriquest for any other damages due to the predatory-lending case. Some attorneys think that the restitution is on the low side, and the agreement that must be signed keeps them from exploring other ways to recover their money. The current Attorney General thinks that the settlement is fair, considering that in such a large case a release is needed.

The $325 million settlement involving 49 states was announced last week, with the release being the most controversial aspect. The restitution for Washington state residents involved may be as little as $600. Anyone that borrowed money from Ameriquest between 1999 and 2005 will be contacted with the deal. The Attorney General as well, as representatives from Ameriquest, think the release is fair. If time and money are being spent on the agreement, and a borrower takes the agreement, the parties involved feel that that prohibits them from seeking more damages on their own. The assistant Attorney General still feels that the agreement is not ideal.