Good bye Ameriquest, I knew thee well.
Well ‘knew’ in the sense that they employed me a few years back. It’s funny to see a company, who’s self proclaimed motto/mission was "Do the right thing" I think in hindsight, that was really "Do the right thing so that Roland can buy another house".
The Denver post has a short write up on Ameriquest and Argent (argent isn’t mentioned in the article by name for some reason, referred to only as the wholesale arm or something like that). I’ve worked for both. There’s two reasons it’s on this blog and not my personal one. 1. I worked there, 2. Argent got me into Flex.
Although Citigroup is not buying Ameriquest, ACC disclosed Friday that Ameriquest had stopped taking applications Aug. 1, and that would close the business entirely.
I’ve never been a fan of that business and it was hard working there, hearing people talk about taking advantage of people on a daily basis. Working to make our Prequal and our online Loan Decision engine support 40 year ARMs, and all sorts of interest only this and bend you over that… it was and is a shameful practice.
"ACC Capital Holdings is going to maintain operations as it prepares for the orderly wind- down of our retail mortgage business, which is no longer accepting applications," the company said in a statement.
Ameriquest used to have ads touting "the american dream" sad, that’s what they thought the dream was. Owning a home for up to three years then being foreclosed because a balloon payment was due, or because the crazy ARM they signed on for now was jumping 9%. That’s not my "american dream"
I’m glad I’m out, I’m glad most of my friends are out, and I’m glad, Argent and Ameriquest are closing up. I hope other sub prime lenders follow suit and the one or two that make it, learn a lesson. It’s better to tell some one no, than it is to rape them, shake their hand, and hand them a key.
But like I said, Argent paid out the wazoo for Flex 1.0 and I got my first taste… silver lining? :)