Once you close the lid on one predatory lender, another one always seems to pop up.

At least that’s what members of Des Moines Citizens for Community Improvement experienced this year after finally reaching a deal with Conseco Finance, a predatory lender providing abusive loans that the lives of hundreds of Des Moines homeowners.

On Nov. 6, 43 Des Moines CCI members met with Adam Bass, Senior Executive Vice
President of Ameriquest Mortgage, the newest loan shark company targeted by Des Moines CCI. Leaders demanded that Ameriquest correct problems created by the company's predatory lending practices.  Eight families with Ameriquest loans shared their horror stories of borrowing money from Ameriquest.

“You are more than a credit report. You are more than a balance due. You are a homeowner,” proclaims Ameriquest advertising. But as many homeowners have found out, a balance due was Ameriquest’s only focus.

Des Moines CCI has been working with Ameriquest borrowers since last September.  Families came forward with over-appraisals, high adjustable interest rates, questionable fees and prepayment penalties.

New CCI member Sue Curtis felt robbed.  “Ameriquest contacted me and told me it was time to refinance the loan I had with them.  I trusted them, and went through with the refinance.  But they charged me a $4,000 prepayment penalty.”

Des Moines CCI member Jack Vance had a similar experience. “I had my mortgage with Ameriquest for nearly two years before they called offering to refinance.  I said ‘yes’ and ended up having to pay a $3,500 prepayment penalty.  They also harassed me for payments I was told I would not have to make, charged twice for my appraisal, and didn’t offer me the rate I deserved until I threatened to walk away.”

Both Van and Curtis were facing foreclosure until Bass committed to repair the families’ loans. He also agreed to continue meeting with CCI and work toward a partnership agreement with CCI.

“This is serious business and we hope he isn’t playing games,” said Des Moines CCI's Predatory Lending Task Force Chairperson Sally Riggs.  “After less than two months, we have Ameriquest at the negotiating table.  They have not given us any reason to doubt them yet, but we know enough to wait until there is a signed document in front of us before we start to celebrate.”

back to top