Non-conforming Mortgages Singing the blues

A quick Google search of non-conforming mortgages finds Argent Mortgage in the number one spot. They are proud of themselves – or were at one time. “We haven’t changed the mortgage industry. We’ve revolutionized it. Argent Mortgage Company, LLC, is the leading non-conforming mortgage lender…” – and now Ameriquest and sister company Argent Mortgage Corp. did an estimated $2 billion in loans in the quarter, down 76 percent from a year earlier, according to National Mortgage News.

Ameriquest recently settled the nation’s second largest predatory lending suit, second only to HSBC’s Household International / HSBC Finance Corporation. With Ameriquest / Argent down 76 percent and HSBC reeling from billions of dollars of subprime non-conforming loan losses these two have some explaining to do. Simply telling the world that they settled, while admitting no guilt, is only good enough for the very desperate, uninformed, or dumb. That may not be the customer base they want, but then agian perhaps it is.