Ameriquest: Anatomy of the Mortgage Meltdown

December 24, 2008

As we take stock of exactly how the entire housing market in our country imploded, acting as the first domino in our economic meltdown, we need look no further than the granddaddy of all sub-prime mortgage companies– Ameriquest.  This investigative video is a revealing look at how greed trumped everything, at the expense of the American family.

Former Ameriquest employees share their chilling accounts of how they lured homeowners into loans they could not afford.  “Making money, making money, making money,” that’s what insiders say it was all about.  Most disturbing is the people at the top, who reaped the greatest benefits, have never been held accountable for the predatory system they created.  It was quite the contrary for Ameriquest founder Roland Arnall* who was given a rare honor by our country despite his role in the sub-prime lending fiasco.

We want you to know the information in this video was sent to key lawmakers on Capitol Hill more than a year ago, but to no avail.  The former employees were willing to come forward and testify before Congress, but no one took them up on the offer.  It’s astonishing really, but when you consider the enormous amounts in political contributions mortgage company executives have given to members of Congress, the picture becomes more clear.  Once again, it was about the money, at the expense of the American people.

So, as you watch, consider this video was also sent to the Chairman of the Senate Banking Committee Christopher Dodd, Chairman of the House Financial Services Committee Barney Frank and Chairman of the Committee on Oversight and Government Reform Henry Waxman, among others.   Why did they not act?  That would be a great question for you to ask them.

It seems accountability is a foreign word in our government today, but it’s time to re-instate it back into our vocabulary.  From bank executives who shamelessly took billions of dollars in bail-out money then refused to say what they did with it to the mortgage company executives who engineered our housing meltdown in an effort to make millions, it’s time to say “No more!”

Here’s a link to write members of Congress with your questions.  Maybe they’ll finally get around to holding those responsible accountable.  We can only hope.

*Note:  Ameriquest founder Roland Arnall is now deceased.