Former MS AG to Monitor Ameriquest

Former Mississippi Attorney General Michael Moore has been picked to monitor the lending practices of Ameriquest Mortgage as part of that firm's $325 million legal settlement with the states.Iowa AG Tom Miller, who headed the Ameriquest investigation, confirmed to MortgageWire that Mr. Moore had been approved by Ameriquest a few weeks ago. The review period lasts for five years. Mr. Moore was the lead negotiator for the states in their settlement with the tobacco industry. Ameriquest, which admitted no guilt, was accused of "up-selling" mortgages and other allegations. Based in Orange, Calif., Ameriquest ranked first among all subprime lenders in 2005, according to the new Annual Data Report. (For the full story, see the March 27 issue of National Mortgage News.)