Tuesday, September 4, 2007

Kiss Your Astrodome Goodbye

Ameriquest Capital, once so successful that it held naming rights to the Texas Rangers’ stadium in Arlington, has shut its doors, another victim of the subprime mortgage crisis. Ameriquest once held a $65 billion portfolio; the remnants have been bought by Citigroup.
This year so far, Quality Home Loans Inc., Home Banc Corp., American Home Mortgage Investment Corp., New Century Financial Corp. and Alliance Bancorp have all filed for bankruptcy.
It is estimated that some 2 million adjustable rate mortgages will reset before the end of the year, and many homeowners may have trouble meeting higher payments.

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