15,000 Ameriquest Borrowers in Pennsylvania to Share $10M Settlement

Chrissie Cole

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15,000 Pennsylvania consumers whom obtained loans from Ameriquest Mortgage Co. are eligible to a portion of a $10 million lawsuit settlement.

The sum includes an undetermined number of customers in West Pennsylvania who have had dealings with the company, one of the nation's largest providers of home loans who cater to people who have credit problems, according to the state Attorney General.

The $10 million settlement is part of a $325 million settlement with Ameriquest that was reached in January 2006.

"Many consumers initially suffered financial hardships and were forced to pay interest rates and monthly payments that were much higher than they were led to believe," Corbett said in a statement Thursday.

Nationwide, some 481,000 borrowers who were customers of Ameriquest, Town and Country Credit Corp., or AMC Mortgage Services Inc. (formerly Bedford Home Loans) are eligible to receive restitution.