Two of the most clever ads on the Superbowl were for Ameriquest. Both showed people in embarrassing positions from which the onlookers drew exactly the wrong inference. The tag line: Don’t judge too quickly.
Ameriquest is a predatory lender that got caught—big time. It has offered a shocking $325 million to settle lawsuits and state investigations in 49 states and the District of Columbia. Right now, 200,000 homeowners—people who were cheated by Ameriquest—must decide whether to take the money or to pursue their own lawsuits. And what is Ameriquest’s response? Not: “We’re sorry.” Not: “We promise to be trust-worthy in the future.” Not even the all-purpose “mistakes were made.” Nope, their response is a Superbowl ad that says “Don’t judge too quickly.” In other words, it is all a joke, and the wink-wink implication is that they didn’t really do anything very bad.
This is how bold the predators have become. Cheat good people, get caught, and turn it into a clever ad campaign. Perhaps this new business model will become the standard whenever corporate fraud is exposed. Jack Abramoff and his Washington buddies should pay close attention. Ameriquest can lead the way.
Ameriquest is settling documented cases in which sales reps made promises that disappeared when the papers were signed, costs buried in fine print, fees larded on, loan flipping, and sky-high costs. For predators like Ameriquest, cheating homeowners looks like a safe business because, once they have moved in, most owners will agree to anything they can to come up with the money to hang on to the house. Even at $325 million, the settlement won’t be enough to compensate most homeowners, and many are expected to opt out of the settlement in favor of a class action.
Ameriquest has good reason to believe that Americans will overlook a little thing like cheating 200,000 homeowners. After all, George W. Bush is good buddies with the CEO, and, even in the midst of this stink, Bush has nominated him to become ambassador to the Netherlands. Bush evidently understands the virtues of not judging too quickly.
So tell us, Ameriquest, when can we judge? There are at least 200,000 homeowners ready to judge now. And I’m willing to join them.
