Washington agencies continue working to address the subprime meltdown

OLYMPIA – December will be a bit more rewarding for 8,750 Washington residents. They’ll receive checks this month totaling nearly $9.9 million as part of last year’s $325 million national settlement with former subprime lending giant Ameriquest.

Attorney General Rob McKenna and Scott Jarvis, director of the Department of Financial Institutions (DFI), announced today that the checks are in the mail from the settlement administrator and should arrive at homes within a week. Consumers 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.

MCKENNA ACTUALITY 1 (13 SECONDS):
We’re glad to be able to put money back into the pockets of families whose American dream of homeownership became a nightmare. The holidays will be a bit brighter for 8,750 Ameriquest borrowers in Washington state.

MCKENNA ACTUALITY 2 (24 SECONDS):
The Ameriquest settlement continues to serve as a serious warning to the subprime mortgage industry that we won’t tolerate predatory lending. Meanwhile, government must continue to work to find ways to deal with anticipated increases in foreclosures as borrowers with adjustable rate mortgages see significant increases in their loan payments amid declining property values and rising interest rates.

Joint Attorney General and DFI news release

- 30 -

Media Contacts:    Kristin Alexander, Media Relations Manager, Washington State Attorney General's Office, (206) 464-6432  
Lyn Peters, Director of Communications, DFI, (306) 902-8731