Mass Torts - Written by Beasley Allen on Tuesday, July 17, 2007 7:36 - 0 Comments
An Update on our Ameriquest Litigation
Our firm has filed two significant lawsuits in Alabama against Ameriquest for selling unsuitable mortgage products. The first one, filed in Barbour County, accuses Ameriquest of engaging in predatory lending by making a mortgage loan that was unsuitable for plaintiffs. The second, filed in Montgomery County, accuses Ameriquest of making an unsuitable mortgage and then justifying it through their internal system by falsifying the Plaintiff’s income.
Both of these cases involve adjustable rate mortgages that contained prepayment penalties. When the short initial fixed-rate period ended, the Plaintiffs were shocked to find their interest rates rise to an unaffordable level. These cases are part of a much broader problem of predatory lending where lenders such as Ameriquest breach their own internal standards, as well as industry standards, just to create loan volume. The result is that vulnerable borrowers end up with a product they don’t understand and a payment they will not be able to make, ending in the loss of their home.
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