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| Office Of Consumer Affairs |
Toll Free 1-866-278-0003 |
Helping Ohioans Borrow Smart
In an effort to reduce the growing number of consumers falling
victim abusive lending practices, Ohio legislators created the Office of
Consumer Affairs in May 2002. The office educates Ohioans on how to protect
themselves in the mortgage lending process, receives complaints from those who
have been victimized, and acts as a referral service to organizations that can
assist the borrower. If lending laws have been violated, the office initiates
enforcement action and refers criminal cases for prosecution.
Ameriquest
Settlement Updated - 12-31-07
The Ohio Department of Commerce,
along with Attorney General Jim Petro, announced January 23, 2006 that
Ameriquest Mortgage Company, the nation's largest sub-prime lender, has agreed
to pay $295 million to consumers and make reforms of lending practices that are
alleged to be predatory. Ohio 's share for eligible consumers is approximately
$6.6 million. Ameriquest will also pay $30 million to the 49 states and the
District of Columbia for investigative costs, consumer education and
enforcement.
If you are currently paying on a loan
originated with any of these companies, DO NOT stop making those payments.
This settlement does not relieve you of any obligations under those loans.
As more information becomes
available, updated information will be added to this website.
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