typical...is anyone really surprised?

Just another example of those who have, getting more and more and those who have nothing paying for it in the long run and getting screwed. It's the new American Way, give wealthy people huge incentive packages, while you eliminate the worker's pension, health insurance, et all.

Perhaps another Bush crony? Who appointed him Ambassador? they need to be investigated and how can someone with such a negative history even become an ambassador?

I heard the report this morning (11/15) on Ameriquest. I, too got caught up in this madness.What can one do? What recourse is there? I want to prevent my home from being taken but what alternatives are there for the average citizen?

Apparently none of these folks could, or did, read the volumes of disclosures and the mortgage noates they signed. In NO WAY does this excuse Ameriquest, or any of the other rogue lenders, but the consumers have to read before they sign. I once ran a national lending company, and feel that the lenders are being asked to shoulder 100% of the blame, wehen the borrowers should rightfully assume their portion.

How come nobody can take responsibility for anything in this country anymore? Are there bad mortgage brokers and bank loan officers out there...yes. Are there ignorant people out there...yes. Take your licks, learn something and move on.

If you don't understand what you are signing:

1) Don't sign it, or

2) Accept that what you are signing may have serious repercussions

If signing your name to a contract no longer obligates you to anything, then I think this Republic of ours is in serious trouble. I think the people that intentionally committed fraud (borrower, broker, loan officer, lender, etc) should have to deal with the repercussions of doing so. However, saying, "I didn't know" is on par with, "the dog ate my homework" to me. Not knowing what is in a document you sign is your own fault. If it was not in the loan documents that is a different story, but I have not heard or seen that happening. Time to take responsibility for the things we do again America.

My husband and I knew something was wrong with this company, they made it sound so great and easy, but where do you start with your complaints. GMA was on this morning 10-15, my husband yelled upstairs, hurry and turn on GMA, we couldn't believe it. SCAM on Ameriquest, finally. Believe me, I will be searching and watching this story. We were SCAMMED and LIED to and I want to jump on the band wagon and get back what they took from us, illegialy. What is happening to honest consumers with these mortgage companies?

What ever happened to integrity? Most average Americans cannot understand the volumns of legal jargon involved with mortgage contracts and we trust the professional lenders to explain what is in the contract. Yes, we could have a lawyer read the documents before signing but how many average americans can afford to hire a lawyer and can we then trust the lawyer any more than the lender? It is sad that our society has become so greedy and deceitful and has lost self-respect.

My husband and I were caught up in the same deceit and had to foreclose on what
was our American dream for family to come, and to lose it after paying mortgage fee every month was devastating
for us. We now live in an apartment that
has plenty of room for us, but not for family affairs and gatherings which is
what I grew up with

Since Arnall and his wife contributed so
much to the Bush-Cheney campaign was he actually paying for the Ambassador to the Netherlands position?

Mr.Arnall should be in jail, not sitting pretty in the Netherlands.If your a friend of Mr.Bush you can do anything.

Loans such as these shouldn't even be allowed. It's a set up from the beginning with only the lender to profit. Consumers must qualify for the initial mortgage based on their income. How do they qualify for payments that will double two years later after the mortgage has adjusted?

I agree with Donald Cameron. People, they give you three days after signing the agreement to review it. Why don't people take advantage of that and really read the fine print? It as much a fault of the lender as the borrower. If consumers would READ what they SIGN then Ameriquest would've been out of business long before they could scam anyone.

It's all fine and good to blame the consumer for failing to read the document. But perhaps you did not follow the story closely enough? Ameriquest has a history of changing the documents AFTER the borrowers have signed. They would set up a closing at the home or office of the borrower. They would change the date of the closing several times, each time with a new rate and new terms. They would send an agent to the closing who would be "running late" and have to "dash off" immediately after the signing, and not have time to make copies of the signed documents, but would "make copies and send them to you". The documents would never arrive, of course, and before long the payments would start to rise, and that would be the point at which the borrower would find out what they supposedly signed was very different from what they recalled signing. Requests for copies of the signed documents would be ignored, so the borrower had no proof of what they actually did sign. And that would be just the start of the borrower's nightmare. As the rate would rise and the payments became harder to make, there would be the harrassing phone calls, sometimes as many as 25 in a 90-minute period; the disparaging comments; even laughter from the Ameriquest agents as the borrower would seek to work with them.

I don't think the Ameriquest borrowers need to hear any more about "read what you sign" or "take responsibility". I know I don't. I DID read what I signed. But what was explained by the agent as we were signing and what we did read before we signed and what they later claimed we signed are all very different.

I have no sympathy for this company or its founder. Surely usury of this nature and extent should be punishable by something other than an ambassadorship.

Another REPUBLICAN like Kenneth Lay. Another company like Cheney's Halliburton. So what else is new? Being a Bush Jr. crony pays off SUPER BIG TIME!

finding ingenious ways to screw hardworking people out of their money, thats the new american way. this is what six years of republican rule has brought us.

Unfortunately, in these times of economic uncertainty, our society always looks for a scapegoat. Who is really at fault?

ALL OF AMERIQUEST ARE NOT EVEIL SO PLEASE DON'T TREAT US AS "PECKS BAD BOY"

Ameriquest had over 259 offices and over 3000 loan officers it is not fair to lum everyone together, Many of us conducted ourselves professionally and only wrote good loans. I managed one of the larger offices in the counrty , located on Long Island. My staff wrote more than 2000 loans over a 3 year period and had only 3 or 4 customer complaints. We still do business with most of our customers. We would take hours explaining the documents to our clients and we would even keep in contact with them during the 3 days recession in case they had any questions.

It is not fair to blame everyone for what a very few bad apples have done! Some of us always tried to do the right thing and there are many clinets out there who are now in a better position because of us.

I am reliving a nightmare, that was the most depressing time of my life, I knew what the told me and the doc's were not what what I signed, sadly I feel relieved that I was not the only one duped this was bigger that anyone knew and of all the money I lost i'll probably get back a few hundred dollars if that, what I would like to see is Roland Arnell stand trial and lose his position.

I too felt that something was amiss. We had a wonderful experience with the first Ameriquest loan officer we delt with in Bensalem, PA. We NEVER once had a problem with our payments or fees, Not one single time in over 2/3 years. So to (aj ittilles in Rhode Island). I would love to here from you. Your version sounds exactly like the, very professional, loan officers we delt with, when we first went with Ameriquest approx 5 yrs ago. BUT THEN, Out of the blue an agent from Calf. called us to have us refinance. He made it sound Wonderful and it was getting close to when we were considering refinancing, in approx 4 to 6 more months. Well this 'so-called agent' said, "He would waive any penalty fees that we would have had to pay for refinancing early" (since we were gonna stay with them,'Ameriquest').
We also were totally scammed by this 'A**#****', like Teresa-posted 10/15-5:30and debbie delenardo-posted 10/15-2:39, Things just were not right, dates for closing changed, dollars amounts changed. When I confronted them with these discrepancies, they adjusted them immediately. Almost to easily. We also had an 'in-and-out' representative who did not have the final copies for us at the time. I was gonna cancel the whole deal before the 3 day period, that all these people are mentioning. But i would call and they would correct anything that was amiss. But as you mentioned WE DID NOT have these corrections, on our copies. We were completely jerked over. Because we had such a positive experience the first time, we thought it would get handled. Well it did! with ignorant phone calls, changing or not honoring what we were 'promised' at closing. Then to boot extra fees were applied for bogus charges. Payments were posted late, intentionally. Oh then they altered the company name, i found that very suspicious and questioned them about that, as did my husband. They side stepped all questions and got back to badgering us again. THEY HAVE EVEN WENT AS FAR AS CALLING MY CHILDRENS CELL PHONES!!! REpeatedly (i just found this out last week). Any of you out there who delt with them know EXCATLY what I mean. When i heard the story on GMA the other morning, I SAT STRAIGHT UP and yelled 'Damn I Knew it'. They're crooks. If anyone can offer me advise please do. We work too hard like all of you to make ends meet. Especially with 2 kids off to college this year. Look forward to any advice or help that can be offered or helpful. Thank you, Tammi and Larry. Another set of victims.

Reading all the comments, it seems the consesus is that up to a pont in time, things were 'kosher' with Ameriquest mortgages; but then at SOME point, the sharks moved in, the rules changed, and a prudent new borrower, or even someone who had made a 'kosher' deal earlier with Ameriquest, was going to be in BIG trouble. It's THAT point that investigation should focus on: who came, who went? At that point, whoever was at the Top, (Arnall), was responsible; lack of oversight on his part is no excuse.
It seems that as a borrower/customer, to not be burned, you had to be very suspicious, or willing to walk away from a deal that was just "too good to be true." We all know how hard that can be in life, but "too good to be true" often is exactly that: too good to be true.
And you can leave the "Jr." out of the Bush Blame Game - remember the SBLI Scandals of the FIRST Bush administration: honestly, when that family is getting ready to leave office, folks like US should bolt down everything - because that gang and their crony friends WILL leave with everything that's not bolted down, under their expensive coats.
It amounts to a vast redistribution of wealth, and the elimination of the middle class. Nothing less.

I to was misslead right after my Back surgey I refinance with ameriquest and they falseafied my ss number on my final papers as well as other false statements and being on morphine for the surgery they lead me to believe i was getting a fix rate. After the 2nd year my payments went from $666. to $1140. we are adopting and do foster care in our home. not good for the children we help. and beind 100% diabled. we are trying to refinance now before it goes up again. First it was Oakwood and theirs lies, now ameriquest!! we nrrd honest people in the government who cain't be bought buy these companys!

Gee, why does this sound familiar. Company in shambles, wealthy founder is a "friend" of the Bushes and gets a cozy job and is protected by W.

Looks like Bush is going to have to commute another sentance.

Seems Arnall advised w on how to build a sub-prime economy.

Even if you get into a bad loan - and the payments reset higher - you can always refinance into another loan with a fixed rate.

These borrowers got into trouble because they over-leveraged their homes with debt. Either the borrowers couldn't afford the 20% downpayment to buy the house or they refinanced all the existing equity out of their house. (A long-term owner should never take out more than 70% of the equity out of their home!) That's reckless!

I am sure there were bad mortgage brokers out there - but most borrowers who got into trouble victimized themselves by living way beyond their means and having no savings.

As for borrowers not knowing the mortgage was an ARM as opposed to a fixed rate - I don't buy it. You have to sign a document explicitly acknowledging you have an ARM.

All of this is exactly the reason why lobbying should be criminalized. Only the fat cats in DC benefit from it, certainly not the regular citizens. In fact, the regular citizens pay through the gazoo - look at "required insurance" that got through only due to lobbying by the massive ins conglomerates.

Ambassadorships are ALWAYS APPOINTED AT THE PLEASURE OF THE PRESIDENT. There is nothing more to it...BY THE PRESIDENT...and usually because of past 'favors', rather than diplomatic skills. But then, the Netherlands post is nothing more than a glorified cocktail party...

Let's see, he was appointed by Bush but CONFIRMED by the Democratic Controlled Congress, so if he's so corrupt why didn't the Democrats block his appointments? (He wasn't a recess appointment) Didn't Enron happen during the Clinton administration? Every problem in the U.S. isn't caused by Bush!! Its just another example of noone in the U.S. wanting to take responisbility for their actions. It's always someone elses fault. The old statement "if it sounds too good to be true it probably is" rings true. If a company won't give you a copy of a document on the spot why on earth would you deal with them? Why not just sign a blank form and let them fill out whatever they want? Should they be prosecuted for mis-deeds yes but come on people be responsible for what you do-- think before you sign and if you don't understand it DON'T sign it. If the company you are dealing with is trying to rush you through----there's a reason. Phone calls are not proof, documents are proof---get EVERYTHING in writing. It was stated that they changed documents after you signed--where are your original copies? Don't ever walk out the door with out documentation -- period.

Education is the best method to eliminate predatory lending in this country.

Problem is, most borrowers only make a decision once every seven years, so how would they even know what to look for? The loan officer's mission is not to educate, but to get a signature on the bottom line.

Here are the Top 10 Mistakes Mortgage Borrowers Make:

1. Not knowing which mortgage fees the borrower can -- and cannot -- negotiate.

2. Choosing and trusting the first loan officer the borrower interviews.

3. Using an interest-only or "payment option" adjustable-rate loan primarily to qualify for a more expensive house than you could normally afford.

4. Thinking the interest rate is always the main thing.

5. Not comparing the final fees listed on the closing documents to the up-front estimates to avoid the lender "packing the loan" with added-on fees without the borrower's knowledge.

6. Not knowing if the mortgage has a pre-payment penalty - until it's too late.

7. Thinking that renting is always just throwing money away.

8. The borrower does not know if he or she is paying a back-end yield spread or Service Release Premium.

9. Paying for mortgage life insurance, credit insurance or other expensive lender add-ons to increase the amount of kickbacks the lender can receive from various vendors.

10. Paying hundreds of dollars to have a company set up a biweekly mortgage payment plan, something the borrower can generally do for herself or himself -- for free.

Everybody eventually learns how the game is played. Some (like myself) were taught by parents who knew the rules of the games and how important it is to know them. Many people learn the hard way, if they are lucky it is something small but educational. The unfortunate learn the expensive way. So all you that learned the non-painful way, quit with the sermons. These people are and will continue to pay for their mistakes. People who become wealthy by legally scamming people deserve a special place in hell. Capitalism is wonderful and has many benefits, it also has an underbelly of scum that get unjustly rewarded and people defend them

I worked for Ameriquest for nearly a decade. In fact I rode the elevator with Mr. and Mrs. Arnall a number of times - he has a hobble if you didn't know. Anyway, the self proclaimed father of subprime is the poster-child for mortgage corruption. Yet, you haven't seen nor heard his name, or that of Ameriquest, mentioned during the fall of the mortgage industry. Why? Well just about every politician was on the take ... well fed by the seemingly endless flow of cash from the godfather of loans. Arnall is corrupt as are those that failed to bring him to Washington to account for his evil doings.

When the good times roll, people like us sat by the side line waiting! Now its our turn! Greedy people should lose their house!
Now its time to pay the piper! What do we get? Complaints. This problem is so simple! Where do you get off buying a house and paying interest only forever?
If you do not have the money dont buy!
very simple!!!!!!!!!!!!

I am one of those people that almost lost everything. I live in Texas and the contract we have with Ameriquest has a 20% pre-payment penalty. This is against Texas law. Because of the on going battle with Ameriquest I have has lawyers tell me I do have a case that has nothing to do with the class action suit, but are unlwilling to take me case because it would be to time consuming. Is there someone that can help me so I can put the house on the market and get out from under the "clutches" of Ameriquest. ANOTHER ENRON

Doesnt anybody use an attorney before signing your name to a contract? Cant afford the $300.00? Im smart enough to know Im not that smart. People who got "scammed" need to take some responsiblity for their ignorance.

Try this for size Ameriquest Loan Lenders took my name competely off the loan with out my knowledge.

I sure hope the Texas Supreme Court rules for those of us who got put to the streets.

Have a nice day.

I find it disgusting that some of the posts here simply don't understand or admit that FRAUD was going on in lending over the past six years.

There has been a third indictment. Don't let anyone tell you that the fraud doesn't exist and that these homeowners who have posted here were at fault for not reading their documents. The criminals in this case practiced "window art" forging signatures on documents, used criminal appraisers that inflated appraisals, etc. Mind you -- the federal case won't even help the homeowners, most of whom have already lost their homes. It is to recover money for the banks. This government HAD to know what was happening and did nothing to stop it. Now the entire world economy could be seriously in danger thanks to the criminals.

What I readingin this article and these comments is a combination of people being cheated and who also had no clue what they were getting. Falsification of loan documentation is fraud and one thing. But what I would like to know is what was the loan amount for these people whose payments soared. My guess is a lot more than a paltry $600 to $700 payment would cover.

With Regard to hiring an attorney. Some states do not require an attorney present at closing. Texas is one of them. Number two: We moved from Illinois to Texas under other false promises that had be made to us from Ameriquest. Because of those false promises we ended up living out of a penske truck for 3 weeks. The part about the pre-payment penalty was only disclosed after all the paper work was signed because of a comment we were going to sell in a year or 2 anyway. Try reading Texas state statute I believe 345 or 343. Very simple sentance. NO LENDER SHALL CHARGE A PRE-PAYMENT PENALTY IN THE STATE OF TEXAS. Short, sweet and to the point. AMERIQUEST DIDN'T KNOW THAT?????? False practices

To: R.S. I'll take it to the Texas Supreme Court if I had enough people to stand together and do this together. Ameriquest has ruined to many lives.
KM

Roland Arnell is one of the most corrupt executive this country has ever seen. Worse than Al Capone and Ken Lay put togeather. I reveiwed his background and have found some rather disturbing things that Brian Ross did not even report. One of which is that Mr. Arnell is not even a U.S. Citizen. Now tell me how can he be appointed ambassador? Only in AMERICA!

You are right Ken. :o)

In 2005 we refinanced with an adjustable 2yr mort. My daughter was on the loan as co-signer because we are seniors. I specifically asked if she had to be on deed and was told No. We closed July 22. Because my husband and I are seniors we got an exemption of $500 and could also have our taxes deferred to be paid with interest when the house is sold. I was approved for o5,06,and 07.This yr I was turned down because the assessors office had received in Jan 08 a deed saying there was a quit claim and our daughter was on deed and her income would have to be counted and it would make it too much. I told the man I did not have a deed with my daughter on it and he mailed it I opened it up and my signature and my husband's had been signed by who ever and it was stamped by a notary and witnessed supposedly by the notary to be us. We never had seen this deed and had not idea who the notary is The person at our closing was a totally different person. When I was reading user comments I saw that there were other people who have said documents were forged Its pretty bad when you cannot trust someone to be honest I agree to an extent you should read but in this case we never saw this deed.