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Many New Yorkers get checks from Ameriquest

Mon, Dec 31st 2007 12:00 am
The fallout from the national subprime mortgage lending crisis could see more than 13,000 New York residents receiving a payment check from Ameriquest Mortgage Co. and one of its subsidiaries.

Gov. Eliot Spitzer, New York's immediate past attorney general, and current Attorney General Andrew Cuomo said 13,686 New York state residents are due to receive, if they have not already, a restitution payment fee from Ameriquest. The payments stem from a pact announced two years ago between Ameriquest and several states that saw the company agreeing to make $295 million in restitution payments to its present and former customers.

Spitzer and Cuomo said 63 percent of the 21,709 eligible New York residents participated in the restitution program, and most of the checks were mailed by mid-December. Nationwide 64.23 percent of all eligible Ameriquest clients took part in the program.

"These funds will help undo the damage that Ameriquest caused to thousands of New Yorkers," Cuomo said.