Ameriquest Shutting Down

Ameriquest Shutting Down

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Author: Mortgage News - TheMortgageWire

Ameriquest Shutting Down!

ACC Capital Holdings has sold its wholesale subsidiary and will close down Ameriquest Mortgage Co.

The demise of the once mammoth subprime lender seemed to fulfill predications a year and a half ago by the chief of the nation's biggest mortgage banker.

Citi announced its markets and banking business has agreed to acquire ACC's wholesale mortgage origination operation and $45 billion in mortgage servicing rights.

The deal, which includes a minimal amount of existing loans and residuals, is scheduled to close tomorrow, Sept. 1

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