TheDailyBeast.com: on Corporations


Deval Patrick: Served on board of corporate parent of predatory lender

From 2004 to 2006, Patrick was on the board of ACC Capital, corporate parent of Ameriquest, the nation's largest originator of subprime loans--described as one of "the worst" lenders in the country by the Treasury Department. It used high-pressure sales tactics to get people who already owned their homes to refinance themselves out of straightforward mortgages and into loans that featured skyrocketing interest rates and balloon payments. It particularly targeted the African-American community.

Patrick joined the board after it was already under investigation and has argued he used his position to help change the bank's culture. In May 2005, with Patrick on its board, the company settled a $50 million class-action lawsuit charging it had defrauded borrowers in four states. The following year, it agreed to pay $325 million to end a lawsuit brought by 49 state attorneys' general that alleged systemic fraud. Patrick quit the board shortly after the $325 million settlement.

Source: DailyBeast.com on 2019 Democratic primary Nov 24, 2019

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