Subprime claims could arrive in mail soon

PROVIDENCE – Attorney General Patrick C. Lynch announced last week that consumers who obtained financing through Ameriquest Mortgage Co. could expect to receive their settlement checks possibly in a matter of days.
A news release from Lynch’s office said that consumers “victimized” by Ameriquest’s predatory lending schemes will share more than $3.8 million in restitution payments. Approximately 72 percent of qualifying Rhode Island consumers filed claims, the release said, compared with the national average of approximately 64 percent of qualifying consumers. Average settlement checks will be for approximately $900.
Nationally, consumers are receiving $295 million as a result of the settlement entered into by 49 states, including Rhode Island, with Ameriquest. As part of the settlement, the company also has made sweeping reforms to the practices that the states allege amounted to predatory lending.