Ameriquest, ACC Wholesale - Retail and Wholesale Subprime for ACC
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stories: yahoo.com, ap.org, ocregister.com, autodogmatic.com, consumeraffairs.com, housingwire.com, nypost.com, reuters.com
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.
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.
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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.