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 rights to $45 billion worth of loans and is expected to close Sept 1. Terms of the deal were not disclosed. Although Citigroup is not buying Ameriquest, ACC disclosed today that Ameriquest had stopped taking applications on August 1st and would close the business entirely.