You can’t make the numbers (and a career) at Ameriquest without some really heavy origination volume. So much so that when the going gets tough, the typical hyper-motivated (greedy) Ameriquest brokers swing into their creativity act.
A recent Utah case filed in Federal Court is yet another stunning example of how far these Squaliformes will go in luring victims into loans they know are going to result in foreclosure, AND, of course, yet another opportunity for the REO and lending industry as a whole.
Marian Paul fell into the Ameriquest maw in March of 2005, after being lured by mailers into calling to get information about a mortgage loan to repay a $4,000 debt.
Very late one evening, only a few days after receiving several calls from Ameriquest, two of the Squaliformes’ employees showed up unannounced at her Salt Lake City home.
They not only lied to her about the terms of the deal (telling her she was saving a lot of money compared to what she could get at her credit union), when she told them she wanted to wait to let her daughter read over the terms, they told her she had to sign that night because they couldn’t come back.
Paul ended up with a $60,000.00 Ameriquest loan that paid off her lower-interest credit union loan and her auto loan – without her knowledge.
The fact that she is a 73 year old widow with cataracts, has little or no formal education and does not read English well must have been the icing on the cake for the daring team of Ameriquest employees who set this one into action.
Predictably, in November of 2005, another Squaliforme bought the predatory loan, (Deutsche Bank National Trust), and immediately put the loan in default.
Given the giant sub-prime Squaliformes’ well-deserved reputation for sleazy lending practices, this one will probably never make it all the way to a jury trial. But, hopefully the court records will reveal who the individual perpetrators of this one are prior to the settlement and closing of the case.
In this court, there won’t be any privacy for the likes of these scum.
The Honorable Judge Roy Bean
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