Washington State

Office of the Attorney General

Attorney General

Bob Ferguson

December will be a bit warmer for 8,750 Washington residents. They’ll receive checks this month totaling nearly $10 million as part of last year's $325 million national settlement with former subprime lending giant Ameriquest. Borrowers will receive payments as little as $47 to as much as $7,950, depending on when they applied for a loan and individual circumstances. The average check is $1,130. States alleged widespread fraud by Ameriquest as part of a high-pressure scheme to sell mortgages that trapped consumers into debt and put them at risk of losing their homes. Washington agencies are now turning their attention to dealing with an anticipated increase in foreclosures as borrowers with adjustable rate mortgages see significant increases in their loan payments amid declining property values.

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