Ameriquest Closing 229 Mortgage Lending Offices and Laying Off 1/3 of Workforce
Ameriquest, one of the largest mortgage lenders in the subprime market, is shutting down 229 branch offices and laying off 3,800 employees in a drastic restructuring. The layoffs compose a third of the workforce and is designed to allow the company to remain competitive is a slowing mortgage environment.
Ameriquest is the nation’s largest subprime mortgage lender. It said it was centralizing its network of branches into offices in California, Arizona, Illinois and Connecticut but would continue to offer lending services nationwide.
It said the changes would not affect its ability to adhere to the terms of a $325 million multistate settlement reached this year with state attorneys general over claims of deceptive lending practices. via Chicago Tribune.
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Comment by Joe B on 18 January 2008:
Our Loan Compliance Advisory Group is committed to helping “Protect The American Dream.” We are dedicated to helping Homeowners Nationwide, that may be victims of Deceptive Lending Practices.We are open for any suggestions on how we can help. Please contact Joseph Bisogno at (800) 529-7184 or visit our web site at: http://www.loancomplianceadvisorygroup.com
Several members of our Loan Compliance Advisory Group attended the “March on Wall Street.” We support the “Save Our Homes/Restructure Loans” important message that Rev. Jackson and his dedicated coalition members are spreading across America. The December 10, 2007 rally, one of several recently held across the United States, sponsored by Rev. Jessie Jackson’s Rainbow PUSH Coalition, the National Association for the Advancement of Colored People and the Urban League, was a magnificent well planned; and informative event.