NPR recently interviewed past employees of subprime mortgage broker Ameriquest, and even with all of the information that's come during the current mortgage foreclosure crisis, some of the stories are shocking.
Former employees describe the company not just failing to mention payment increases and upward adjustments in mortgage rates, but directly telling consumers that their mortgage rates would not increase, and in some cases even concealing adjustable rate mortgage documents in a stack of paperwork with fixed rate terms described on the first page.
Tags: adjustable rate mortgage, Ameriquest, Mortgage Foreclosure, mortgage fraud, mortgage lending, predatory lending, subprime mortgage loans
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