Ameriquest clients eligible for share of cash

Washington and Idaho clients of Ameriquest Mortgage Co. are eligible for a share the company’s $325 million settlement for predatory lending practices.

State governments accused Ameriquest of high-pressure sales pitches that trapped consumers into debt and put them at risk of losing their homes. According to the lawsuit, the company and its affiliates used inflated appraisals to qualify borrowers for homes; failed to adequately disclose loan terms; and charged excessive loan origination fees. Nearly 500,000 borrowers nationwide are eligible for restitution.

In Washington, more than 12,000 borrowers are eligible for $9.1 million in restitution, according to state officials. In Idaho, 634 borrowers are eligible for nearly $400,000 in restitution.

Idaho Attorney General Lawrence Wasden suggested that borrowers consult with a private attorney before deciding to accept restitution. If they accept a share of the settlement, they waive their right to sue the company over the loans.

More information is available at www.ameriquestmultistatesettlement.com. Consumers also can contact the settlement administrator at (800) 420-5875. Hearing-impaired individuals may call (866) 494-8274.