MassGOP to Patrick: Place Ameriquest Earnings in Trust fund for Subprime Victims

The new leadership at the MassGOP has wasted no time going on the attack. The Massachusetts Republican State Committee today called on Deval Patrick to put the $720,000 he earned from predatory sub-prime lender Ameriquest into a trust funds for the victims of that predatory lending. 

This request is absolutely spot on.  Deval Patrick took the money of a sub-prime lender that was accused of preying on communities of color.  Patrick as he has done with Texaco and Coca Cola was the “fixer”, he was hired to deflect attention to that predatory lending.  Many Massachusetts residents were hurt by those lending practices.  Both directly having received a loan they couldn’t afford, and indirectly as the sub-prime predatory lending drove up house prices in Massachusetts putting the dream of home ownership out of the reach of many.

The press release issued today is after the jump.

MassGOP TO PATRICK: PLACE MORTGAGE EARNINGS IN VICTIM FUND

BOSTON – In light of alarming news today about a rise in foreclosures, the MassGOP has called upon Governor Deval Patrick to place the $720,000 he was paid by a controversial subprime mortgage lender into a trust fund to benefit victims of mortgage fraud.

“Some Massachusetts residents are seeing the American dream slip through their fingers because they were victims of predatory lenders, and meanwhile Governor Patrick spends three or more weeks in his second mansion in the Berkshires, financed no doubt by the money he received as a board member of a subprime mortgage lender,” said Rob Willington, Executive Director of the MassGOP. “Governor Patrick should put all this money into a fund to benefit victims of mortgage fraud.”

Massachusetts ranks 12th nationally in state foreclosure rates, according to RealtyTrac, as reported today on www.boston.com. Patrick served in 2005 and 2006 on the board of ACC Holding, the parent company of Ameriquest Mortgage, which has been accused of predatory lending. Patrick earned $360,000 per year, according to the March 6, 2007, Boston Globe.

Patrick stepped in more hot water earlier this year when he made a call, on behalf of ACC Holdings, to a top official at Citigroup, former Clinton Administration Treasury Secretary Robert Rubin. Patrick claimed to be serving as a reference for ACC, which was seeking an investment by Citigroup.

Patrick should follow the example of Democrat Presidential candidates John Edwards and Hillary Clinton. Edwards said he would remove his investments from a hedgefund that was foreclosing on people in New Orleans after the Hurricane Katrina disaster. Last month, Clinton gave to charity the $23,000 received from a Democratic fundraiser accused of fraud, according to the August 31, 2007 Boston Globe.

“Governor Patrick’s administration oversees mortgage lenders and yet he has received hundreds of thousands of dollars from a subprime lender and made a phone call on their behalf while he was governor. Until he rejects their tainted money and places it into a trust fund for victims, there is a cloud of suspicion that he is working for the lenders, not the people,” Willington said.

About Rob "EaBo Clipper" Eno

  • Vote3rdpartynow

    the request and do no such thing.  If he won’t apologize for belittling the attacks of 9/11 then he certainly won’t help the poor bastards he screwed in his years at ACC Holdings.  Devalue Patrick apologizes to no one for no thing.  He is the king of the Moonbats and his word is law.

    I do congratulate the MassGOP for taking this strong and prudent action of condemning Devalue Patrick for his questionable past business dealings.  I think placing the money in a trust for the victims is a reasonable measure and the kind of swift action and request that the GOP should be doing.  Last week’s condemnation of Patrick by Torkildson was another brave move and I am impressed with the “We-aren’t-gonna-take-this-crap-anymore” attitude.  Kudos to Torkildson and Willington.  It’s the kind of thing that will attract real conservatives back to the party.

    Keep up the good work guys…….

  • Festus Garvey

    Here re the sequence of events:

    Ameriquest gets in trouble for predatory pratices.

    Ameriquest puts Deval on BoD to help fix things.

    Republican Party implies Deval is reposonsible for Predatory practices and should place money in trust.

    Yup, pretty dishonest.

  • schulteraffe

    …even going to touch the unnecessary racial implications being brought into this……

    that being said, it seems like relinquishing what he earned from Ameriquest would be the right thing to do.  I hope he considers it.