The OAG (Office of the Attorney General), Under the Texas Deceptive Trade Practices Act, has the authority to prosecute misleading practices and has recovered millions for Texas homeowners harmed by title scams, undisclosed costs and any and all other unlawful mortgage related scams.
In July, The OAG obtained $21 million dollars in restitution for Texas homeowners harmed by super lender Ameriquest Mortgage Co.’s deceitful lending practices.
The settlement ended allegations that Ameriquest and its affiliates did not appropriately disclose certain terms to homeowners, including whether their loans carried adjustable rates or fixed rate loans.
Court documents filed by the OAG claim Ameriquest additionally charged excessive loan origination fees, prepayment penalties, refinanced borrowers into improper loans and inflated appraisals that qualified homeowners and borrowers for loans.
For more information, please visit our section on Ameriquest Mortgage and Lawsuits.