Ameriquest Mortgage Company MORTGAGE SERVICES LOAN SERVICING YOU CAN'T SPOIL PEOPLE THEN TAKE IT ALL AWAY! NOW I KNOW WHY OTHER WENT TO ---, TREATED BETTER, BETTER PAY, AND THEY LISTEN!!! Ripoff Rancho Cucamonga, California

Now they are in hot water for not notifying these agencies of the closing of their branch offices within the required 30 day period (most states) prior to such action.

Oops!!!!

As a vendor for AMC, I knew over a week beforehand. The Area Managers knew; many in the company knew - some who were leaving even negotiated a lay off, so, while some were surprised and there was no advance notice, the employees knew (at least 4 separate employees told me).

BUSINESS NEWS

MASS. MARKET: Ameriquest ties have Patrick in a political quandary

By JON CHESTO

Imagine showing up at your office on what you think is a typical workday, only to find out that you are out of a job and your office will be closed for good.

That nightmarish scenario played out at 229 branches of Ameriquest and affiliate Town & Country Credit on Tuesday when the mortgage lenders' parent suddenly cut 3,800 jobs. A spokesman says six Ameriquest branches and three Town & Country Credit offices in this state were closed.

Sure, layoffs are an all-too-familiar phenomenon in the business world, especially in an industry that faces tremendous pressures, like mortgage lending does right now. But usually, employees have some warning.

Not this time. Orange, Calif.-based ACC Capital Holdings closed an entire retail branch network without giving the workers a heads up that such a closure was a possibility.

It's not clear if the company's move runs afoul of a federal law that requires many big companies to give advance notice of mass layoffs. A spokeswoman for the state labor office says her agency, which collects such reports, received no such notification from Ameriquest.

Meanwhile, the state Division of Banks is considering whether to sanction ACC for not giving the state agency the 30-day notice it requires before a mortgage lender can shut down a branch here. A spokesman for that agency says ACC did notify the state last fall when it was about to close four branches as part of an earlier round of cuts.

Then there's Attorney General Tom Reilly, who has a keen interest in Ameriquest. Reilly participated in a multistate probe into allegations of predatory lending practices at Ameriquest. To resolve them, the company agreed to pay $325 million and making major internal changes. Consumers had complained that Ameriquest promised interest rates that it didn't deliver or gave them loans their incomes couldn't support.

Conveniently for Reilly, one of his rivals in the governor's race - Deval Patrick - sits on ACC's board. Reilly has tried to use the Ameriquest news against Patrick's candidacy, and Reilly particularly singled out Patrick's reluctance to provide the precise amount of the six-digit-salary he earns as an ACC board member.

At first, this line of attack seemed like a stretch. Patrick's aides say he was tapped for the Ameriquest board in 2004 to help reform the way the mortgage lender does business. That seems plausible, especially given his former job as a top civil rights lawyer in the Clinton administration.

But you've got to wonder what Patrick is thinking now that about one-third of Ameriquest's work force is without jobs. A spokeswoman for Patrick's campaign says he did all he could to work with ACC managers to prevent the layoffs.

An ACC spokesman says its execs believe they've complied with state and federal rules, and replacement workers have been put in branches temporarily to help customers.

Patrick's spokeswoman says he will stay on the board to help guide Ameriquest through its reforms.

But this governor's race is shaping up to be a highly competitive one. Voters would probably welcome a move to pull away from Ameriquest instead of sticking with a company that, in many ways, acts like it has something to hide.

Jon Chesto is the business editor of The Patriot Ledger. He may be reached at jchesto@ledger.com .

Copyright 2006 The Patriot Ledger

MASS. MARKET: Ameriquest ties have Patrick in a political quandary
Transmitted Saturday, May 06, 2006

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HOW DO YOU FEEL NOW?
DID YOU GET 30 DAYS?
15 min's is a long ways from thirty days
did you read your contract?