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Citigroup Inc. Buys Troubled Ameriquest Mortgage Platform

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Citigroup Inc. Buys Troubled Ameriquest Mortgage Platform
In a press release, Citigroup said the acquisition, which includes loans valued collectively at $45 billion, closed on September 1. [Citibank always has been in the subprime mortgage market. This is merely expansion. Opera ain't over on subprime lending. Not by a long shot. --Noah]
The Ameriquest Mortgage Web site posted a note to customers late in the week, saying, “Ameriquest Mortgage Company is no longer accepting loan applications.” ["Please take your loan app and report to the nearest Citibank office. We have rape stands in all sizes for our customers."]
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