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Argent Mortgage/Ameriquest Update

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  • #1

    Argent Mortgage/Ameriquest Update

    Ameriquest has settled with a number of states on their fraudulent and predatory lending practices. They're not admitting any wrong doing, but the fact that they're paying $295 million (the largest consumer-protection settlement in history) speaks for itsself. http://www.latimes.com/news/printedi...a-news-comment

    Interestingly, Ameriquest's settlement with the states does not mention their largest "sub-prime" lending unit - Argent Mortgage. There are still at least 12 class action lawsuits pending on Ameriquest and Argent's practices (which are similar - and of a larger scale) and they're not going away either ( http://home.businesswire.com/portal/...74&newsLang=en )

    I have to wonder about the wisdom of attaching the biggest star of a series to a company whose core business seems to be predatory lending.
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  • #2
    Maybe Rahal will have to defect to the Atlantics along with that Poker website and Just Al.

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    • #3
      Originally posted by JoeBob

      I have to wonder about the wisdom of attaching the biggest star of a series to a company whose core business seems to be predatory lending.
      Enron didn't have enough capital for a full season.
      “Jealousy is the tribute mediocrity pays to genius.” -- Archbishop Fulton J. Sheen

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      • #4
        do these ongoing Argent lawsuits have anything to do with Argent declining to sign as a race sponsor at Watkins Glenn?

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        • #5
          Originally posted by JoeBob
          Ameriquest has settled with a number of states on their fraudulent and predatory lending practices. They're not admitting any wrong doing, but the fact that they're paying $295 million (the largest consumer-protection settlement in history) speaks for itsself. http://www.latimes.com/news/printedi...a-news-comment

          Interestingly, Ameriquest's settlement with the states does not mention their largest "sub-prime" lending unit - Argent Mortgage. There are still at least 12 class action lawsuits pending on Ameriquest and Argent's practices (which are similar - and of a larger scale) and they're not going away either ( http://home.businesswire.com/portal/...74&newsLang=en )

          I have to wonder about the wisdom of attaching the biggest star of a series to a company whose core business seems to be predatory lending.
          Great...Autoracing, business ethics, and you-with your hosts: Jim Wilke and JoeBob!!

          Shawn
          University of Kansas Cancer Center

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          • #6
            Somebody bring up the ethical dilemma of Marlboro sponsorship as well and we've got a thread here!

            I think the detractors are starting to grasp for straws here, as they feel the momentum for 2006 building!

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            • #7
              Nah, its just "Old News Week" here on the Biz Board.

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              • #8
                If there is one driver that could find more sponsorship if needed...

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                • #9
                  Look at the bright side - if they can afford to make settlements that big, they must have lots of money.
                  Randy

                  "Danica has earned her equipment and her opportunity. It didn't just materialize out of the air. She earned it one piece at a time, starting at 10 years old." Mark Martin

                  "Life does not imitate art. It imitates bad television." Unidentified TV Talking Head.

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                  • #10
                    how long's it been since Firestone was being sued for their SUV tires?? Oh, wait, the problem was the Ford Explorer........

                    Wake me up if Bobby, Buddy or Danica get sued.....'Kay??
                    the man in expensive shoes

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                    • #11
                      Originally posted by Scotty_T

                      I think the detractors are starting to grasp for straws here, as they feel the momentum for 2006 building!

                      Is that like starting a brick sliding down a hill?

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                      • #12
                        Originally posted by numrounofan
                        how long's it been since Firestone was being sued for their SUV tires?? Oh, wait, the problem was the Ford Explorer........

                        Wake me up if Bobby, Buddy or Danica get sued.....'Kay??
                        No, it was underinflation, causing overheating.

                        The problem was the consumer too lazy to check his/her tire pressure.
                        Asked how he’d like to be remembered were he hit by a bus tomorrow, Tracy doesn’t hesitate: “I’m a race-car driver. At the last second, I’d swerve and avoid the bus.”

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                        • #13
                          Originally posted by sightlines
                          No, it was underinflation, causing overheating.

                          The problem was the consumer too lazy to check his/her tire pressure.
                          Well, that and Ford stamping a recommended tire pressure of 26-30 lbs on the door sills of all those Explorers. Of course that was after Ford had entered into a long term contract with Firestone to shod all those Explorers with ATX 75 series tires and then they find out, pre-rollover goverment testing, that the Explorer won't stay upright in a high speed manuever with those tires unless they deflate them to a borderline safe pressure.

                          BTW, I owned a set of those Firestone ATX's on a 1994 Pickup. One of the best wearing tires I've ever owned.

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                          • #14
                            Here's some more on Argent's ways of doing business: http://www.mortgagefraudblog.com/ind...e_company_llc/

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                            • #15
                              Whew...thank God they don't own or run a racing series.
                              Supporting Indy Car racing since 1959

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