Some Arkansans to Benefit from Ameriquest Settlement

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.

(Copyright 2006 by The Associated Press.  All Rights Reserved.)