Predatory Lending - Friday, August 17, 2007 7:36 - 0 Comments

More Than 2,000 in Mississippi can get Refunds in Predatory Lending Suit

According to, Mississippi State Attorney General Jim Hood, 2,209 Mississippians will be eligible to get refunds through the national settlement of a predatory lending lawsuit against Ameriquest Mortgage and its related companies. Letters were sent during the week of July 9th to those eligible. The Attorney General says people have until September 10th to respond so they can claim part of the money, which comes from the national settlement of $325 million. About $859,000 of that is going to Mississippians. The payments to individual consumers in Mississippi could be as high as $1,800. However, the payments could be more, depending on how many consumers respond. Refunds are available to people who from 1999 through 2005 were customers of Ameriquest Mortgage Company, Town and Country Credit Corporation, and AMC Mortgage Services. AMC was previously known as Bedford Home Loans. The settlement resolves allegations by Attorneys General in 49 states that the companies did not adequately disclose the terms of home loans, among other things.

Source: Associated Press