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Washington-The Association of Community Organizations for Reform Now, a housing activist group here, is accusing subprime lender Ameriquest Mortgage Co. of preying on vulnerable borrowers.
According to ACORN, Ameriquest is targeting low- and moderate-income minority neighborhoods to sell expensive loans.
ACORN said Ameriquest, Orange, Calif., is guilty of unfair practices, such as providing misleading information, and promising one interest rate and then writing a higher one on the loan documents. Ameriquest is a corporate descendent of Long Beach Mortgage, which was forced into a $4 million settlement with the Justice Department after a...