JANUARY 23, 2006 - Posted at 2:50 p.m. CST
LITTLE ROCK, AR - Arkansas is part of a nationwide settlement with Ameriquest Mortgate as it plans to reform its lending practices.
Arkansas Attorney General Mike Beebe announced today that the state is part of the overall $325 million deal.
He says affected homeowners in Arkansas are in line for refunds totaling about $600,000.
Beebe says the time frame involves homeowners who refinanced through Ameriquest since the start of 1999.
About $295 million of the total will be paid to consumers by California-based Ameriquest.
Beebe's office said the investigation involved alleged high-pressure sales schemes to refinance mortgages.
The settlement involves 49 states and the District of Columbia.
Eligible homeowners will be contacted by mail.