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Volume 2008 - Number 22

October 17, 2008

Ameriquest Wins Appeal of Harsh Court Ruling

A $750,000 penalty against former subprime lender Ameriquest Mortgage Company levied on behalf of a troubled borrower was overturned this month. The U.S. Court of Appeals for the First Circuit suggested that the fine – including $250,000 for “emotional distress” – was based more on the bankruptcy court’s sympathy for troubled borrowers than the bankruptcy code. The Bankruptcy Court...

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