 | |
| Industry | Investment services |
|---|---|
| Founded | 1979 Orange County, California, U.S.[1] |
| Founder | Roland Arnall |
| Defunct | 2007 |
| Fate | Chapter 11 liquidation |
| Successor | |
| Headquarters | Los Angeles, California, United States |
Area served | United States |
| Products | |
Number of employees | 2,000 (2007) |
| Website | Ameriquest Mortgage |
Ameriquest was one of the largest United States sub-prime mortgage lenders until its dissolution in September 2007. Among the first mortgage companies employing computers to solicit prospective borrowers and hasten the loan application process, Ameriquest was accused of predatory lending practices by United States banking regulators.[citation needed] The company was notable for its promotion of the stated income loan, whereby potential borrowers were allowed to claim income without verification of employment. The proliferation of lending to customers with marginal creditworthiness proved to be not only a key factor leading to the 2007 subprime mortgage financial crisis, but also a catalyst to Ameriquest's own demise.[2][3]
Ameriquest was widely known throughout the United States for its promotional activity. It advertised widely on television; flew blimps over football and baseball stadiums; and sponsored the Rolling Stones' A Bigger Bang tour, the Super Bowl XXXIX halftime show, and NASCAR drivers.
- ^ "History of the Lehman Brothers". Harvard University Library-Lehman Brothers Collection. Retrieved 2010-12-01.
- ^ Paul Muolo and Mathew Padilla (2 February 2010). Chain of Blame. John Wiley & Sons, 2008, 2010. p. 86. ISBN 978-0-470-55465-4.
- ^ "Road to Ruin: Mortgage Fraud Scandal Brewing". American News Project hosted by The Real News. May 13, 2009.