- ACC Capital Holdings
ACC Capital Holdings (ACCCH) is a national
mortgagelender based in Orange, California. The company is the largest privately held retail mortgage lender in the United Statesand the largest subprimelender by volume. ACCCH was owned by Roland Arnallprior to his death in March of 2008.
As well as
Ameriquest Mortgage, the company also owns Argent Mortgagewhich makes wholesale loans through mortgage brokers, and AMC Mortgage Serviceswhich carries out customer services activities for all ACCCH mortgages.
The risky nature of subprime loans, massive defaults of those loans, the softening of the real estate market, and ACC's own practices have led to a financial crisis:
2006, Ameriquest Mortgage settled a class action lawsuitfor US$325 million with the attorneys general of 49 of the 50 states over allegations of predatory lending practices. Allegations included usuryand bait-and-switchtactics.
May 2, 2006, ACC Capital Holdings announced the closure of all of its Ameriquest Mortgage branch offices as part of a plan to consolidate its retail mortgage lending operations into four regional call centers. [ [http://www.bizjournals.com/eastbay/stories/2006/05/01/daily26.html Branch closure] ] Hundreds of employees were fired; Ameriquest would soon be joined by other companies in announcing massive layoffs.
February 28, 2007ACC Capital Holdings announced that Citigroupwas providing working capitaland access to credit. Citigroup also gained the option to purchase Argent and AMC, but this option does not extend to Ameriquest. [LA Times article on ACCCH and Citigroup, retrieved 3/11/2007] ]
September 10, 2007, Ameriquest [http://ameriquest.com/ stopped accepting loan applications] .
September 9, 2007, Argent Mortgage was sold to Citi for an undisclosed amount. Argent was renamed Citi Residential Lending. Citi Residential Lending operated for several months before it was shut down.
*In 2006, Ameriquest sponsored the "Ameriquest Dream Team" in the
NASCAR Busch Series. Drivers Mark Martin (#6), Greg Biffle(#16), Matt Kenseth(#17), and Carl Edwards(#60) all drove Ameriquest racecars throughout the season. In 2007, Ameriquest transferred this sponsorship to NEXTEL Cup, sponsoring Biffle in the #16 car for most of the schedule. However, due to the continuing problems with the subprime loan industry, Ameriquest has announced that it will not sponsor the #16 past the 2007 season, and, judging by the end of the naming rights deal for the baseball park (see below), this deal could be terminated earlier. [http://www.jayski.com/teams/16.htm]
*In 2004, Argent commenced a sponsorship deal with
IndyCardriver Danica Patrick, but it did not follow her when she switched to Andretti-Green Racingfor the 2007 season.
*From 2004 to 2007, Ameriquest owned the naming rights to the home stadium of the Texas Rangers baseball team. During this time the park was called Ameriquest Field. In March 2007, in an undisclosed agreement between the two entities, Ameriquest relinquished those rights, and the stadium was renamed
Rangers Ballpark in Arlington, just one word off from the ballpark's original name.
2005, Ameriquest Capital and three of its subsidiaries comprised four of the 53 entities that each contributed the maximum of $250,000 to the second inauguration of President George W. Bush. [cite news |title=Financing the inauguration |url=http://www.usatoday.com/news/washington/2005-01-16-inaugural-donors_x.htm |publisher=USA Today |date= |accessdate=2008-05-25 ] [cite news |title=Some question inaugural's multi-million price tag |url=http://www.usatoday.com/news/washington/2005-01-14-price_x.htm |publisher=USA Today |date=2005-01-14 |accessdate=2008-05-25 ] Writes USA Today, "Inaugural fundraisers Dawn and Roland Arnall found a creative way to pump more than the $250,000 limit into the event. Their mortgage firm, Ameriquest Capital, contributed the maximum, as did three subsidiaries, for a total of $1 million. The company declined to comment on its political giving." [cite news |first=Jim |last=Drinkard |title=Donors get good seats, great access this week |url=http://www.usatoday.com/news/washington/2005-01-16-inauguration-donors_x.htm |publisher=USA Today |date=2005-01-17 |accessdate=2008-05-25 ]
2007 Subprime mortgage financial crisis
United States housing bubble
* [http://www.innercitypress.org/ameriquest.html Weekly Ameriquest Watch by Inner City Press]
Wikimedia Foundation. 2010.
Look at other dictionaries:
Citigroup — Not to be confused with CIT Group, another large financial services company. Citigroup Inc. Type Public Traded as NYSE: … Wikipedia
Lehman Brothers — Industry Investment services Fate Chapter 11 bankruptcy Founded 1850, Montgomery, Alabama, US … Wikipedia
Deval Patrick — Governor Patrick at the Corner Office in the Statehouse. 71st Governor of Massachusetts Incumbent … Wikipedia
Subprime mortgage crisis — Part of a series on: Late 2000s financial crisis Major dimensions … Wikipedia
OneWest Bank — OneWest Bank, FSB Type Private Industry Banking Founded March 19, 2009 Headquarters Pasadena, California, US Key people Joseph Otting, CEO and President … Wikipedia
General Motors Chapter 11 reorganization — The General Motors Chapter 11 sale of the assets of automobile manufacturer General Motors and some of its subsidiaries was implemented through section 363 of Chapter 11, Title 11, United States Code in the United States Bankruptcy Court for the… … Wikipedia
Late-2000s financial crisis — The TED spread (in red) increased significantly during the financial crisis, reflecting an increase in perceived credit risk … Wikipedia
Merrill Lynch — This article is about Merrill Lynch as an independent company prior to its January 2009 acquisition by Bank of America and its continuing existence as the wealth management division of Bank of America. For the corporate and investment banking… … Wikipedia
Bank of America — Not to be confused with First Bank of the United States, Second Bank of the United States, or Bank of United States. Bank of America Corporation Type Public Traded as … Wikipedia
Landsbanki — NBI hf Former type Private (2003 present) Government owned corporation (prior to 2003) Industry Banking Founded … Wikipedia