It's no longer Ameriquest Field. Now it's "The Rangers Ballpark In Arlington". For some reason the Rangers and Ameriquest have agreed to rescind the naming rights contract that obligated Ameriquest to pay $75 million over 30 years.
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3.19.2007
That's Weird
It's no longer Ameriquest Field. Now it's "The Rangers Ballpark In Arlington". For some reason the Rangers and Ameriquest have agreed to rescind the naming rights contract that obligated Ameriquest to pay $75 million over 30 years.
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9 comments:
As a former resident of Arlington who helped pay for the thing, it will always be "The Ballpark" to me.
Maybe the Rangers felt so bad for putting out such a horrible team the past few years that they decided to give some of the money back to the man...
So a sub-prime lender removes its name from a sub-prime baseball team's stadium. What is the news here?
I smell ticket price increase
Same here, Anon @ 4:39. And, personally, I think "Ameriquest" sounded stupid.
I think they ought to pitch the naming rights to Ranch Style Beans.
Ha sanyone seen the financial picture for subprime lenders in or nation? That will tell you quickly why Ameriquest pulled out. Subprime lenders are dropping like flies because of repurchases from big wall street investors.
I worked for Ameriquest mortgage in the past as an employee and later as a consultant and I can tell you part of the reason for the name change was as 12:54 had posted, but also the Rangers wanted to distance themselves from Ameriquest because of their shady business practices. Ameriquest has been on the losing end of several federal lawsuits. One was a class action lawsuit that involved not paying employees overtime pay and the other involved illegal lending practices, such as predatory lending, and fraud to name a few. I actually think there is a number of other lawsuits that have not reached settlement yet.
I was deposed in each lawsuit and I can tell you that Ameriquest was let off easy in each probably due to close ties between the White House and Roland Arnall, Ameriquest's founder(who has since been named ambassador to the Neatherlands). Some may say the $325 million settlement that was reached(and the second largest in history against mortgage lender) was large, but the amount of damage Ameriquest did to customers was far worse then the Household Credit settlement that was around 400 million. Mr. Arnall himself work directly with Congress on the settlement.
It's always Bush's fault. I ran a stop sign today, but guess what. It was Bush's fault.
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