Ameriquest Stops Applications While Citigroup buys

Ameriquest has stopped taking mortgage applications and its parent company has sold its remaining mortgage assets to Citigroup. The mortgage company — which was once the nation’s largest subprime lender — announced the moves Friday. Citigroup agreed to buy the wholesale mortgage assets and service of parent company ACC Capital Holdings. The acquisition includes the …

Federal Reserve Knew of Serious Subprime Problems In 2006

This may come as a shocking revelation to many of our readers. The Federal Reserve, and specifically the Federal Reserve Bank of Boston, already had data about subprime mortages. That data did not look good at all. Executives from specific lenders were called to testify before the Senate Committee on Banking, Housing, and Urban Affairs …