Information For Consumers Who May Have Loans From Ameriquest
AMERIQUEST SETTLEMENT CHECKS WERE MAILED ON DECEMBER 14, 2007.
In January, 2006, 49 states (including Georgia) and the District of Columbia entered into a Master Settlement Agreement with ACC Capital Holdings Corporation, and the following subsidiaries; Ameriquest Mortgage Company, Town & Country Credit Corporation, and AMC Mortgage Services, Inc. f/k/a Bedford Home Loans (hereinafter “Ameriquest”), to resolve the concerns of the states about Ameriquest’s lending practices from January 1, 1999 to December 31, 2005. A provision of that Master Settlement Agreement required that all 49 states and the District of Columbia file either civil or administrative actions against Ameriquest in their individual states by March 21, 2006, and Orders be entered in each of those actions adopting the terms of the Master Settlement Agreement. The Georgia Department of Banking and Finance (hereinafter “Department) and the Governor’s Office of Consumer Affairs agreed to the terms of the Master Settlement Agreement on behalf of the State of Georgia. A Complaint For Injunction, Restitution and Other Equitable Relief was filed on their behalf by the Georgia Attorney General’s office on March 21, 2006, in the Superior Court of Fulton County, Georgia. On that same date a Consent Final Judgment and Permanent Injunction (“Consent Judgment”) was signed. According to the terms of the Consent Judgment, Ameriquest has agreed to pay $295,000,000 in restitution to borrowers nationwide.
ADMINISTRATOR TO HANDLE CONSUMER CLAIMS
The Consent Judgment provided that a national Administrator be appointed by June 15, 2006. After a detailed selection process, Rust Consulting of Minneapolis, Minnesota was named as the national Administrator. The Administrator was responsible for contacting borrowers who were eligible to receive restitution, collecting any necessary documentation in order to receive restitution, and delivering restitution payments. General Postcard Notices to eligible borrowers began being sent out on July 2, 2007, by the Administrator. A second mailing containing Individual Notices and Release Packets followed. Settlement checks were mailed on December 14, 2007, to eligible borrowers who signed and returned the required Release Forms to Rust Consulting.
If you have questions about your settlement check, you should call the Settlement Administrator toll-free at 1-800-420-5875, or visit the Ameriquest settlement Web site at: http://www.ameriquestmultistatesettlement.com/
THE SETTLMENT FUNDS; Sub-Fund A and Sub-Fund B; Release by Borrower
The Administrator will distribute funds out of two settlement funds that have been designated Sub-Fund A and Sub-Fund B. Sub-Fund A consists of $175,000,000 to pay restitution to borrowers nationwide who obtained loans from January 1, 1999 to April 1, 2003. The amount of restitution available to an individual borrower will be based upon a nationwide formula that attempts to measure the amount of harm suffered by a consumer. However, the estimated minimum distribution that will be available for most borrowers who obtained loans during this time period should be around $600.00. Sub-Fund B consists of $120,000,000 to pay restitution to borrowers nationwide who obtained loans from January 1, 1999 to December 31, 2005. The State of
Settlement checks were mailed on December 14, 2007, to eligible individual borrowers who signed and returned the required Release Form. Remember, the Administrator is responsible for distributing funds according to the formulas established for Sub-Fund A and Sub-Fund B upon receiving executed Release Forms.
You may obtain the most current information regarding the Ameriquest settlement at: www.AmeriquestMultiStateSettlement.com.
In addition, the Department will update information regarding the Ameriquest settlement as it becomes available for