Ameriquest, ACC Wholesale - Retail and Wholesale Subprime for ACC

Update, September 2, 2007:

The closure of Ameriquest is now official. See the first two stories above. From one of them:

Along with shuttering Ameriquest, Orange-based ACC Capital Holdings also said it was selling its wholesale mortgage origination operation and a mortgage servicing business to Citigroup for an undisclosed sum.

Original writeup

This is a back-add; most of this subsidiary was shut down by late last year. We have word now that there is no origination left. All origination is happening through ACC's wholesale subsidiary, Argent (or what's left of it).

The news stories linked above run the gamut from ACC's unsuccessful attempts to sell of units to hedge funds and other usual suspects, the shut-down of most Ameriquest retail last year, the predatory lending suits by 30 states which culminated in a $300+ mln penalty, last-ditch warehouse funding by Citigroup, and this week's additional sweeping layoffs in ACC that may be considered the discrete ending point for Ameriquest.