Posted by Shane_OH on 5/1/06 10:01pm
Msg #117083

Possible Breaking News .....

Just got off the phone with some very good sources.... so I'd give this a 70% reliable rating.

Its possible tomorrow we hear that HFC has purchased Ameriquest Mortgage, and may close a TON of branches, and turn them into a call center in a few states.

Normally I'd pass this possible rumor off, but have heard it from several sources, in a few states.... We'll see in the next few days...

Reply by Stamper_WI on 5/1/06 10:39pm
Msg #117085

Does this mean no more upset buyers canceling their loans at the table becuse their loans are ARMS instead of fixed?

Reply by Accurate Signing Agency, Inc. on 5/1/06 10:44pm
Msg #117088

Shane, I heard the same thing from sources directly involved with both entities. I'd say it's a pretty safe bet. But, like all things in this business, we'll just have to wait and watch. I'll try to dig a little more and I'll keep you posted as to my findings.

Reply by Shane_OH on 5/1/06 11:02pm
Msg #117090

My sources indicate its a done deal, 100%. I've got some sources very close to the top of the AMC food chain...

It'll be interesting. Word is HFC may turn it into a call center, closing most of its branches.

Reply by PA_Notary_II on 5/2/06 8:38am
Msg #117113

Re: Possible Breaking News .....Question...

HFC is owned by HSBC (Heng Seng Bank Corp)sp? How, then does HFC come into play? Wouldn't the parent corp. buy Ameriquest?

Reply by Shane_OH on 5/2/06 12:11pm
Msg #117173

Re: Possible Breaking News .....Question...

Yeah, I still refer to HFC/HSBC as HFC. I go back and forth, forgetting who bought who.
Just a misstatement...

Reply by BrendaTx on 5/2/06 12:21pm
Msg #117179

Does it boil down to Beneficial Finance in Tx? n/m

Reply by MistarellaFL on 5/2/06 2:50pm
Msg #117229

Re: Does it boil down to Beneficial Finance in Tx?

It must, because (I thought) Beneficial owns HFC.
Keep us informed!

Reply by BrendaTx on 5/2/06 2:54pm
Msg #117237

Re: Does it boil down to Beneficial Finance in Tx?

**It must, because (I thought) Beneficial owns HFC.
Keep us informed!**

HFC owns Beneficial...if I am not mistaken. I was hoping to confirm that. That means more loans into the pot for those who do Beneficial.

(Thinking about Charm.)

Reply by Beth/MD on 5/2/06 3:16pm
Msg #117248

Re: The rumor may be true

I just got a call from a friend in Greensboro, NC. It seems that Ameriquest offices are closing there. Anyone else heard this yet?

Reply by ReneeK_MI on 5/2/06 3:38pm
Msg #117258

Re: The rumor may be true

HSBC owns HFC, who owns Beneficial. HSBC also owns Decision One - which is subprime wholesale.

Ameriquest (& Argent?) were sub-prime, but more B & C, while D1 is A fallout and B. Meaning - D1's loan products are geared for slightly dented to bruised credit, while A/Q was more for badly bruised to intensive care.

Interesting thing is that HSBC, being a bank (the largest in Europe), wasn't all that happy w/ HFC's predatory troubles when they bought HF Holdings, back in 2002 (I think it was '02). They put some serious Clorox to HFC's operations, and though D1 wasn't having any troubles in that respect, the whole corp climate changed - everything went to 'Sunday Best' mode, continuing ed for employees, all kinds of stuff like that.

So I'm rather baffled - why would HSBC, who thought HFC was too icky to get near w/out latex gloves - buy AQ??? Shuts out some competition, but considering the market wasn't even one D1 really used anyway ... I don't get it. Turn it into a call center? The call centers for HSBC are (ahem) not local ... so that sure doesn't sound too positive for AQ folks.

Brenda - watch, next there will be boycott letters about this!

Reply by trnsa_IL on 5/2/06 3:49pm
Msg #117262

Re: The rumor IS true...

I had a call today and was informed that all Ameriquest branches across the US were closed at the same time today. No warning to any of the employees. Just, "Here's the door," as they were escorted out! I would hate to find out that I was out of a job, just like that. Good Luck to you all who are now looking for work, and God Bless.

Reply by LilyMD on 5/2/06 3:53pm
Msg #117264

Re: The rumor IS true...Yes it is

My sister spoke with a friend of ours and found out that all the branches in her state were closed. She knew of this first hand because her husband lost his job.

Reply by Skippy_Ca on 5/2/06 3:53pm
Msg #117267

This was copied from another board.

Ameriquest to shut retail mortgage offices
BY MONICA HATCHER
[e-mail address]
Ameriquest, one of the country's largest mortgage providers, has closed all of its 229 retail branch offices, including at least six in South Florida, and will layoff about 3,800 employees, it's parent company, ACC Capital Holdings, announced Tuesday.
It is unclear how many employees will be affected by the closures in South Florida, which will also include associates at three Town & Country Credit branches, in Miami, Plantation, and Boca Raton.

Ameriquest has approximately 62,000 borrowers in Florida.

The company said it will consolidate its branch operations into four regional mortgage production centers in Arizona, California, Connecticut and Illinois, and handle more corporate matters from its headquarters in Orange, Calif.

''The drive for this is that the company sees a fundamental shift going on in how consumers buy mortgage loans with a move away from bricks and mortar and more towards technology,'' a spokesman for ACH said.

In a nationwide lawsuit settled in January, Ameriquest agreed to pay $325 million to the states for predatory lending practices that costs consumers tens of millions of dollars.

Florida consumers are expected to receive about $19 million from the settlement, Florida Attorney General Charlie Crist has said.

The closures and layoffs were unrelated to the settlement, the company said. Ameriquest will continue originating loans from its regional offices with no interruptions, the company said.

Reply by ReneeK_MI on 5/2/06 4:24pm
Msg #117275

Re: HSBC bought Invis, announced today

but I can't find any confirmation of it's connection to the A/Q deal. Shane?

http://invis.ca/news/newsItem.cfm?cms_news_id=30

Reply by ReneeK_MI on 5/3/06 5:14am
Msg #117355

Re: HSBC bought Invis LAST YEAR

Geez ... someone had sent that to me w/o noticing the date, and I posted w/o noticing. Talk about a day late and a dollar short ...

Reply by Shane_OH on 5/3/06 11:55am
Msg #117443

AQ apparently negotiating with HSBC....

My sources say that the shut down and conversion to a call center type operation, is an attempt to make the company more appealing to HSBC.